bravo_10q.htm

0001477932-12-004521.txt : 20121119 0001477932-12-004521.hdr.sgml : 20121119 20121119130633 ACCESSION NUMBER: 0001477932-12-004521 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121119 DATE AS OF CHANGE: 20121119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORGANA GARDENS INTERNATIONAL CENTRAL INDEX KEY: 0000746631 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 881955105 FISCAL YEAR END: 0514 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13577 FILM NUMBER: 121213874 BUSINESS ADDRESS: STREET 1: 35 SOUTH AVE CITY: PATCHOGUE STATE: NY ZIP: 11772 BUSINESS PHONE: 888-488-6882 MAIL ADDRESS: STREET 1: 35 SOUTH AVE CITY: PATCHOGUE STATE: NY ZIP: 11772 FORMER COMPANY: FORMER CONFORMED NAME: PARTICLE DRILLING TECHNOLOGIES INC/NV DATE OF NAME CHANGE: 20110128 FORMER COMPANY: FORMER CONFORMED NAME: ORGANA GARDENS INTERNATIONAL INC. DATE OF NAME CHANGE: 20090416 FORMER COMPANY: FORMER CONFORMED NAME: SHOTGUN ENERGY CORP DATE OF NAME CHANGE: 20070926 10-Q 1 bravo_10q.htm FORM 10-Q bravo_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________

FORM 10-Q

______________________

(Mark One)

x	Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the quarterly period ended September 30, 2012

o	Transition Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the transition period from________ to________

Commission File Number: 0-13597

Bravo Enterprises Ltd.

(formerly Organa Gardens International Inc.)

(Exact name of small business issuer as specified in it’s charter)

Nevada

(State or other jurisdiction of incorporation or organization)

88-0195105

(I.R.S. Employer Identification No.)

35 South Ocean Avenue,

Patchogue, New York,

11772

(Address of principal executive offices)

888-488-6882

(Issuer’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). o Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

APPLICABLE ONLY TO CORPORATE ISSUERS

On November 15, 2012 there were 7,553,524 shares outstanding of the issuer’s common stock.

INDEX

		PAGE
Part I. FINANCIAL INFORMATION

Item 1.	Financial Statements	F-1

	Balance Sheet as of September 30, 2012 (Unaudited) and December 31, 2011		F-2

	Statements of Operations (Unaudited) For the Three and Nine Months Ended September 30, 2012 and 2011, and the Period from January 1, 1996 through September 30, 2012		F-3

	Statements of Cash Flows (Unaudited) For the Nine Months Ended September 30, 2012 and 2011, and the Period from January 1, 1996 through September 30, 2012		F-4

	Statements of Other Comprehensive Loss (Unaudited) For the Three and Nine Months Ended September 30, 2012 and 2011 and the Period from January 1, 1996 through September 30, 2012		F-5

	Notes To Financial Statements (Unaudited)		F-6

Item 2.	Management's Discussion and Analysis or Plan of Operation		3

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		9

Item 4T	Controls and Procedures		9

Part II. OTHER INFORMATION

Item 1.	Legal Proceedings		9

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		10

Item 3.	Defaults Upon Senior Securities		11

Item 4.	Mine Safety Disclosures		11

Item 5.	Other Information		11

Item 6.	Exhibits		12

	SIGNATURES		13

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

FINANCIAL STATEMENTS

SEPTEMBER 30, 2012

(Unaudited)

BALANCE SHEETS			F-2

STATEMENTS OF OPERATIONS			F-3

STATEMENTS OF CASH FLOWS			F-4

NOTES TO FINANCIAL STATEMENTS			F-6

F-1

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

BALANCE SHEETS

	September 30, 2012 (unaudited)			December 31, 2011

ASSETS

CURRENT ASSETS
Cash	$	1,202		$	90
Taxes recoverable		2,952			2,122

TOTAL CURRENT ASSETS		4,154			2,212

AVAILABLE FOR SALE SECURITIES – related parties		4,162			6,119

TOTAL ASSETS	$	8,316		$	8,331

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	482,088		$	483,634
Due to related parties		150,217			79,071

TOTAL CURRENT LIABILITIES		632,305			562,705


COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ (DEFICIT)
Convertible Preferred:
- Class A voting stock, $0.001 par value, 5,000,000 shares authorized		-			-
- Class B voting stock, $0.001 par value, 5,000,000 shares authorized		-			-
Common stock, $0.001 par value, 200,000,000 shares authorized
7,553,530 (December 31, 2011 – 3,053,524) shares issued and outstanding		7,553			3,053
Additional paid-in capital		24,494,596			24,399,646
Deferred compensation		(104,392	)		(62,590	)
Deficit accumulated during the development stage		(20,564,144	)		(20,438,839	)
Deficit accumulated prior to the development stage		(4,460,633	)		(4,460,633	)
Accumulated other comprehensive income		3,031			4,989

TOTAL STOCKHOLDERS’(DEFICIT)		(623,989	)		(554,374	)

TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT)	$	8,316		$	8,331

The accompanying notes are an integral part of these financial statements

F-2

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months ended September 30,						Nine Months ended September 30,						For the period from January 1, 1996 to
	2012			2011			2012			2011			September30, 2012

GENERAL & ADMINSTRATIVE EXPENSES
Litigation settlement	$	-		$	-		$	-		$	-		$	2,291,070
Management and consulting fees		11,681			16,074			43,521			20,272			4,949,139
Consulting fees – stock based compensation		-			-			-			-			1,919,869
Exploration costs		-			-			-			-			113,678
Loss on settlement of debt		-			-			-			-			718,784
General and administrative		23,875			19,228			61,317			56,113			2,903,399
Professional fees		9,897			4,884			20,467			14,264			1,200,064
Interest expense		-			-			-			-			98,282
Research and development costs		-			-			-			-			285,231
Software development costs		-			-			-			-			737,300

TOTAL GENERAL & ADMINISTRATIVE EXPENSES		45,453			40,186			125,305			90,649			15,216,816

OTHER (INCOME ) EXPENSES
Interest, Royalty and Other Income		-			-			-			-			(82,138	)
(Gain)/loss on sale of securities – related parties		-			-			-			-			(21,541	)
Property option income		-			-			-			-			(130,000	)
Write-down of securities – Legacy Wine &
Spirits International Ltd.		-			-			-			-			258,580
Write-down of securities – Terralene
Fuels Corporation		-			-			-			-			15,768
Write-down of interest in ACGT Corporation		-			-			-			-			1,406,000
Write-down of interest in oil and gas properties		-			-			-			-			3,815,659
Loss on Iceberg Drive Inn Investment		-			-			-			-			85,000

TOTAL OTHER (INCOME ) EXPENSES		(45,453	)		(40,186	)		(125,305	)		(90,649	)		5,347,328

Loss before Income Taxes		-			-			-			-			(20,518,691	)
Income Tax Provision		-			-			-			-			-

NET LOSS FOR THE PERIOD	$	(45,453	)	$	(40,186	)	$	(125,305	)	$	(90,649	)	$	(20,564,144	)


BASIC NET LOSS PER SHARE	$	(.02	)	$	(.02	)	$	(.04	)	$	(.07	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		3,844,739			1,592,242			3,317,266			1,407,247

The accompanying notes are an integral part of these financial statements

F-3

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

STATEMENTS OF CASH FLOWS

(unaudited)

	Nine months ended September 30,						For the period from January 1, 1996 to
	2012			2011			September 30, 2012

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$	(125,305	)	$	(90,649	)	$	(20,564,144	)
Adjustments to reconcile net loss to net cash used in operating activities:
- fees and services paid for with common shares		57,648			30,589			3,549,286
- non cash research and development		-			-			105,000
- other stock-based compensation		-			-			1,919,468
- interest paid for with common shares		-			-			80,872
- loss on settlement of debt		-			-			718,784
- software development costs paid for with common shares		-			-			600,000
- non cash exploration costs		-			-			110,000
- write-down of interest in oil and gas properties		-			-			2,970,722
- write-down of equities in Legacy Wine & Spirits		-			-			258,580
- write-down of equities in Terralene Fuels Corporation		-			-			15,768
- write-down of interest in ACGT Corporation		-			-			2,250,937
- loss on Iceberg Drive Inn investment		-			-			85,000
- (Gain)/loss on sale of securities held for resale – related parties		-			-			(21,816	)
- non cash option income received in shares		-			-			(130,000	)
- interest accrued on promissory notes receivable		-			-			(63,136	)
- other non-cash expenses		-			-			2,557,382
- net changes in working capital items		(419	)		(14,492	)		324,835

CASH FLOWS USED IN OPERATING ACTIVITIES		(68,076	)		(74,552	)		(5,232,462	)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received on promissory notes receivable		-			-			63,136
Investment in Iceberg Acquisition Corporation		-			-			(120,000	)
Proceeds from sale of securities – related party		-			-			136,790
Interest in oil and gas properties, net of finders fees		-			-			(1,522,804	)

CASH FLOWS USED IN INVESTING ACTIVITIES		-			-			(1,442,878	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds on sale of common stock		-			-			5,098,325
Net advances (to) from related parties		69,188			74,809			1,158,217
Advances receivable		-			-			420,000

CASH FLOWS PROVIDED BY FINANCING ACTIVITIES		69,188			74,809			6,676,542

NET INCREASE (DECREASE) IN CASH		1,112			257			1,202

CASH, BEGINNING OF PERIOD		90			50			-

CASH, END OF PERIOD	$	1,202		$	307		$	1,202

Supplemental cash flow information (See Note 8)

The accompanying notes are an integral part of these financial statements

F-4

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

STATEMENTS OF OTHER COMPREHENSIVE LOSS

(unaudited)

	Three Months ended September 30,						Nine Months ended September 30,						For the period from January 1, 1996 to September30,
	2012			2011			2012			2011			2012

NET LOSS	$	(45,453	)	$	(40,186	)	$	(125,305	)	$	(90,649	)	$	(20,564,144	)

Unrealized gains on related party securities		(397	)		(37,992	)		(1,957	)		(44,979	)		3,031

TOTAL OTHER COMPREHENSIVE INCOME
(LOSS), net of tax		(397	)		(37,992	)		(1,957	)		(44,979	)		3,031

COMPEHENSIVE (LOSS)	$	(45,850	)	$	(78,178	)	$	(127,262	)	$	(135,628	)	$	(20,561,113	)

The accompanying notes are an integral part of these financial statements

F-5

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2012

(unaudited)

NOTE 1 – NATURE OF OPERATIONS

The Company was incorporated as Venture Investments Inc. under the Laws of the State of Nevada on November 29, 1983. The Company underwent a name change to Asdar Group on December 10, 1987, a name change to Precise Life Sciences Ltd. on April 30, 2002, a name change to Iceberg Brands Corporation on February 18, 2003, a name change to Avalon Gold Corporation on August 28, 2003, a name change to Avalon Energy Corporation on March 22, 2005, a name change to Shotgun Energy Corporation on September 25, 2007, a name change to Organa Gardens International Inc. on February 26, 2009 and a name change to Bravo Enterprises Ltd. on June 1, 2012. The Company was dormant from 1991 to 1996 and currently has no revenue generating operations. In accordance with FASB ASC 915, “Development Stage Enterprises”, the Company was considered a development stage company since January 1, 1996 and as a result of changing its business focus to vertical hydroponic farming is still considered to be a development stage company. Expected operations will consist of growing fruits and vegetables using a rotary hydroponics vertical farming system designed with serviceability, ease-of-use and maximum harvest in mind.

GOING CONCERN

The financial statements have been prepared on the basis of a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated any revenues or completed development of any commercially acceptable products or services to date and has incurred losses of $20,564,144 since January 1, 1996 to September 30, 2012, and further significant losses are expected to be incurred in the exploration and development of its resource properties, should the company be able to finance or joint venture its resource property. Losses are expected in the development of the vertical hydroponic farming project as well. The Company will depend almost exclusively on outside capital through the issuance of common shares to finance ongoing operating losses and to fund the acquisition, exploration and development of its resource properties. The ability of the Company to continue as a going concern is dependent on raising additional capital and ultimately on generating future profitable operations. There can be no assurance that the Company will be able to raise the necessary funds when needed to finance its ongoing costs. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying financial statements do not include any adjustments relative to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

In April, 2012, a majority of the shareholders entitled to vote on such matters approved a change of name from Organa Gardens International Inc. to “Bravo Enterprises Ltd.” and a one-for-twenty (1:20) stock split of all of this Company’s outstanding common stock, without any change in par value for the shares of common stock of this Company. The stock split did not include a change in the authorized capital of the Company. On April 23, 2012, a Certificate of Amendment to its Articles of Incorporation was filed with the State of Nevada changing the name to Bravo Enterprises Ltd., effective June 1, 2012. As advised on May 9, 2012, the Company’s CUSIP Number changed from 68618Y 10 6 to 10567L 10 7. On June 8, 2012, the Company began to trade as Bravo Enterprises Ltd. under the same trading symbol being “OGNG”. Pre-split the total shares outstanding was 61,796,467 and post-split the total shares outstanding was 3,089,823.

NOTE 2 – BASIS OF PRESENTATION

The unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Regulation S-X Article 8 “Financial Statements of Smaller Reporting Companies” as promulgated by the Securities and Exchange Commission ("SEC"). Accordingly, these financial statements do not include all of the disclosures required by generally accepted accounting principles for complete financial statements. These unaudited interim financial statements should be read in conjunction with the audited financial statements for the period ended December 31, 2011 indexed in Form 10-K. In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim period presented.

The preparation of financial statements in accordance with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions that could have a material effect on the reported amounts of the Company's financial position and results of operations.

F-6

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2012

(unaudited)

NOTE 2 – BASIS OF PRESENTATION (con’t.)

Operating results for the nine month period ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

Stock-Based Compensation

The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement.

Recent Accounting Pronouncements

There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on our financial statements.

The Company adopted certain amendments to Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements,” effective January 1, 2012. These amendments include a consistent definition of fair value, enhanced disclosure requirements for “Level 3” fair value adjustments and other changes to required disclosures. Their adoption did not have a material impact on the Company’s consolidated financial statements.

The Company adopted the amendments to ASC 220, “Comprehensive Income,” effective January 1, 2012. The amendments pertained to presentation and disclosure only.

The Company adopted the amendments to ASC 350, “Intangibles-Goodwill and Others,” effective January 1, 2012. The amended guidance allows us to do an initial qualitative assessment of relevant events and circumstances to determine if fair value of a reporting unit is more likely than not to be less than its carrying value, prior to performing the two-step quantitative goodwill impairment test. The adoption of these amendments did not have a material impact on the Company’s consolidated financial statements.

F-7

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2012

(unaudited)

NOTE 3 – AVAILABLE-FOR-SALE SECURITIES – RELATED PARTIES

Terralene Fuels

During 2004, the Company received 111,111 restricted Rule 144 shares of Terralene Fuels Corporation (“Terralene Fuels”), a public company with directors and significant shareholders in common. The restricted shares were received as non-refundable consideration pursuant to agreements with Terralene Fuels dated November 10, 2004 and December 10, 2004 to acquire certain mineral property interests from the Company. These agreements were subsequently terminated.

Effective December 31, 2004 the Company recorded, as other comprehensive loss for the year, a $10,000 unrealized loss in the carrying value of its shares of Terralene Fuels. During the years ended December 31, 2005 and 2006 the Company recorded additional unrealized losses in the carrying value of its shares of Terralene Fuels totalling $90,000 and $8,889 respectively, which were recorded as other comprehensive loss for those years. During the year ended December 31, 2007, the Company sold 2,500 shares resulting in a realized gain of $165 and recorded an additional unrealized loss of $473 in 2007. During the year ended December 31, 2008, the Company sold 10,000 shares resulting in a realized loss of $800 and recorded an additional unrealized loss of $15,026 to December 31, 2008. As a result, the carrying value of the available for sale shares of Terralene Fuels is $2,712 as at December 31, 2008.

During the year ended December 31, 2009, the Company recorded an unrealized gain of $1,232. As a result, the carrying value of the available for sale shares of Terralene Fuels is $3,945 as at December 31, 2009.

During the year ended December 31, 2010, the Company sold Nil Terralene Fuels shares and recorded an unrealized gain of $11,774. As a result, the carrying value of the available for sale shares of Terralene Fuels is $2,860 as at December 31, 2010. Effective December 31, 2010, the Company recorded a $12,859 write-down of its investment in Golden due to an other-than-temporary decline in the value of the shares.

During the year ended December 31, 2011, the Company sold Nil Terralene Fuels shares and recorded an unrealized loss of $2,623. As a result, the carrying value of the available for sale shares of Terralene Fuels is $237 as at December 31, 2011. Effective December 31, 2011, the Company recorded a $2,909 write-down of its investment in Golden due to an other-than-temporary decline in the value of the shares.

During the nine month period ended September 30, 2012, the Company sold Nil Terralene Fuels shares and recorded an additional unrealized loss of $(119) to September 30, 2012. As a result, the carrying value of the available for sale shares of Terralene Fuels is $118 as at September 30, 2012.

Legacy

During 2003 the Company settled an outstanding debt receivable of $122,988 from Legacy Mining Ltd. (“Legacy”) for the issue of 1,229,880 restricted shares of Legacy representing a then 9.8% interest in Legacy. During 2004, the Company wrote this investment down to $1 because management determined that it was not recoverable within a reasonable period of time.

Effective December 31, 2007, the Company recorded, as other comprehensive income for the year, a $604,440 unrealized gain in the carrying value of its shares of Legacy.

During the year ended December 31, 2008, the Company sold 150,000 Legacy shares resulting in a realized gain of $26,100 and recorded an additional unrealized gain of $270,562 to December 31, 2008. As a result, the carrying value of the available for sale shares of Legacy was $885,502 as at December 31, 2008.

F-8

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2012

(unaudited)

NOTE 3 – AVAILABLE FOR SALE SECURITIES – RELATED PARTIES (con’t.)

During the year ended December 31, 2009, the Company sold 30,985 Legacy shares resulting in a realized loss of $2,987 (net of commissions of $595) and recorded an additional unrealized loss of $797,161 to December 31, 2009. As a result, the carrying value of the available for sale shares of Legacy is $ 62,934 as at December 31, 2009.

During the year ended December 31, 2010, the Company received 2,627,440 restricted shares of Legacy valued to $131,372 pursuant to a debt settlement and sold Nil Legacy shares. The Company recorded an unrealized gain in the carrying value of its available-for-sale securities totaling $35,021, which was recorded as other comprehensive income (loss). As a result, the carrying value of the available for sale shares of Legacy is $58,822 as at December 31, 2010. Effective December 31, 2010, the Company recorded a $78,823 write-down of its investment in Legacy due to an other-than-temporary decline in the value of the shares.

During the year ended December 31, 2011, the Company sold Nil Legacy shares and recorded an unrealized loss of $52,939. As a result, the carrying value of the available for sale shares of Legacy is $5,882 as at December 31, 2011. Effective December 31, 2011, the Company recorded a $51,469 write-down of its investment in Legacy due to another-than-temporary decline in the value of the shares.

During the nine month period ended September 30, 2012, the Company sold Nil Legacy shares and recorded an additional unrealized loss of $(1,838) to September 30, 2012. As a result, the carrying value of the available for sale shares of Legacy is $4,044 as at September 30, 2012.

Available for sale securities – related parties include the following:

	September 30, 2012		December 31,2011

3,676,335 (2011-3,676,335) shares of Legacy Wine & Spirits	$	4,044	$	5,882
98,612 (2011- 98,612) shares of Terralene Fuels Corporation		118		237

	$	4,162	$	6,119

NOTE 4 – ACQUISITION

On March 6, 2009, the Company has signed an agreement to acquire all of the assets of Organa Gardens Inc.(OGI), a Nevada Corporation in the business of hydroponics vertical farming. These assets include, but are not limited to all proprietary designs, engineering, technology, business models, plans and intellectual properties pertaining to the Organa Garden System-Discovery (OGS-D) and the Organa Garden System-Enterprise (OGS-E). Both the OGS-D and OGS-E are a rotary hydroponics vertical farming system designed with serviceability, ease-of-use and maximum harvest in mind. Both models are modular, allowing them to be expanded by stacking them. Its specially designed waterwheel technology allows the fully automated system to recycle and reuse 95% of the water used while requiring a negligible amount of energy to run.

The Company was to issue up to 1,250,000 post-reverse split Rule 144 shares of its common stock to OGI, to be held in trust and released based on the following terms and gross revenue requirements:

F-9

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2012

(unaudited)

NOTE 4 – ACQUISITION (con’t.)

(a) Release of 500,000 post-reverse split shares of the Company upon signing this Agreement.

(b) Release of 250,000 post-reverse split shares of the Company upon attaining $1,000,000 US in gross revenue.

(d) Release of 250,000 post-reverse split shares of the Company upon attaining $4,000,000 US in gross revenue.

None of these shares have been issued to date and the agreement has not yet been finalized.

The Company will raise up to $500,000 US to market and fulfill the required obligations of OGI as outlined in the supplemental agreement(s) to follow. The Company and Organa Gardens Inc.agree to allow the shares to sit in trust for a period of 5 years in order for OGI to meet its sales goals. Should the requirements not be met in all or part, then all of the remaining shares will be returned back to the treasury of the Company.

On June 9, 2009, the Registrant signed an amended agreement to acquire all of the assets of Organa Gardens Inc., a Nevada Corporation in the business of hydroponics vertical farming. These assets include but are not limited to all proprietary designs, engineering, technology, business models, plans and intellectual properties pertaining to the Organa Garden System-Discovery (OGS-D) and the Organa Garden System-Enterprise (OGS-E).

Under the terms of the acquisition, the Company issued 175,000 post-reverse split restricted 144 shares to Organa Gardens Inc.and/or its nominees (issued) and render a cash commitment of up to $250,000 to complete the final steps of taking the OGS-D and OGS-E to market. This agreement replaces the agreement dated March 9, 2009.

All research and development costs are expensed as incurred and include costs of consultants who conduct research and development on behalf of the Company. For the year ended December 30, 2011, the Company incurred $Nil in research and development costs. During the nine months ended September 30, 2012 $Nil was incurred in research and development. (2011 - $Nil).

On July 29, 2011, the Company has signed a Letter of Intent with Integrated Green Technologies LLC (IGT), of Fort Lauderdale, Florida to merge the two companies. A definitive agreement of the merger will be an exchange of restricted shares of the Company’s stock to IGT shareholders effecting a change of business which will still follow the Company’s green mandate. On August 17, 2011 the Company entered into a formal agreement with IGT and is currently conducting its due diligence. IGT is an industrial tools, machinery & equipment manufacturer including consumable supplies & materials. IGT is a distributor of heavy-duty blasting equipment and “green” environmentally safe mobile powder coating systems featuring the pending patent, Triplex Electrostatic/Electrostatic Thermal Spray/Non Electrostatic Thermal Spray and Powder Coating Spray and Conversion Device. The Company had advance $8,000 to IGT for prepaid expenses as of December 31, 2011. (2010 – Nil). The Company has written off this amount as of December 31, 2011. Upon completion of the due diligence process, the Company will issue a structured release of 3,000,000 post-reverse split restricted shares to be transferred under the Agreement. The structure shall be as follows: upon execution of the Agreement, 1,500,000 post-reverse split shares shall be issued immediately thereafter, an additional 750,000 post-reverse split shares shall be issued 120 days following the execution date and the balance of 750,000 post-reverse split shares shall be issued 240 days following the execution date. The Company is required to provide $250,000 in funding to IGT over a period of one year. As a result of the due diligence process, the Company is not proceeding with this acquisition due to complications with the current patent filed by IGT. Should IGT move forward and correct the deficiencies with the patent, the Company will re-consider the project.

F-10

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2012

(unaudited)

NOTE 5 – DEFERRED COMPENSATION

On July 1, 2011 the Company entered into an agreement with Compte de Sierge Accomodative Corp. (“Compte”), a private company controlled by a significant shareholder, with an eighteen month term, whereby Compte provides investor relations services to the Company specific to the hydroponic vertical farming project (valued at $22,500) in exchange for 75,000 restricted shares of the Company’s common stock.

On July 1, 2011, the Company entered into an agreement with Charlton Investments Ltd. (“Charlton”), a private company controlled by a significant shareholder, with a two-year term, whereby Charlton provides investment-banking services to the Company (valued at $30,000) in exchange for 100,000 restricted shares of the Company’s common stock.

On July 1, 2011, the Company entered into agreements with three consultants, for a twelve month term, whereby the consultants provide consulting services to the Company (valued at $45,000) in exchange for 150,000 shares of the Company’s common stock.

On December 1, 2011, the Company entered into an agreement with a consultant, for a twelve month term, whereby the consultant will provide consulting services to the Company (valued at $1,800) in exchange for 22,500 shares of the Company’s common stock.

On July 16, 2011 the Company entered into an agreement with Palisades Financial Ltd. (“Palisades”), a private company controlled by a significant shareholder, with a two year term, whereby Palisades provides investor relations services to the Company (valued at $27,625) in exchange for 1,250,000 restricted shares of the Company’s common stock.

On July 16, 2011, the Company entered into an agreement with 1063244 Alberta Ltd. (“1063244”), a private company controlled by a significant shareholder, with a two-year term, whereby 1063244 provides investment-banking services to the Company (valued at $33,150) in exchange for 1,500,000 restricted shares of the Company’s common stock.

On July 16, 2011, the Company entered into agreements with two consultants, for a two year term, whereby the consultants provide consulting services to the Company (valued at $38,675) in exchange for 1,750,000 shares of the Company’s common stock.

The Company amortizes the costs of these services over the respective terms of the contracts. During the nine months ended September 30, 2012 and 2011, the Company recorded amortization of deferred compensation totaling $57,648 and $27,314 respectively. As of September 30, 2012 the unamortized portion of the deferred compensation totaled $104,392. (December 31, 2011 - $62,590).

NOTE 6- STOCKHOLDERS’ DEFICIT

F-11

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2012

(unaudited)

(1) 2012 Stock Transactions- During the nine months ended September30, 2012:

The Company issued 4,500,000 restricted common shares valued at $99,450 pursuant to deferred compensation agreements. (See Note 6)

(2) 2011 Stock Transactions - During the nine months ended September 30, 2011:

The Company issued 1,250 restricted common shares valued at $125 to a new director for his services.

The Company issued 325,000 restricted common shares valued at $97,500 pursuant to deferred compensation agreements. (See Note 6)

The Company issued a total of 117,250 common shares pursuant to the exercise of options under the Company’s 2009 Stock Incentive and Option Plan. 82,500 shares were issued at $0.02 per share to satisfy debt to related parties in the amount of $33,000 and 34,750 shares were issued at $0.01 per share for consulting services.

The Company issued 270,000 common shares pursuant to the Company’s 2011 Stock Incentive and Option Plan with a value of $64,800 for satisfaction of debt to related parties.

(3) 2012 Stock Options

The Company’s stock option activity is as follows:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Balance, December 31, 2007		-			-		-
Granted during 2008		20,965			2.20		-
Exercised during 2008		(20,965	)		2.20
Balance, December 31, 2008		-			-		-
Granted during the period		424,900			0.20
Exercised during the period		(424,900	)		0.20
Balance, December 31, 2009		-			-		-
Granted during 2010		468,051			0.20
Exercised during 2010		(468,051	)		0.20
Balance, December 31, 2010		-			-		-
Granted during the period		387,250			0.20
Exercised during the period		(387,250	)		0.20
Balance, December 31, 2011		-			-		-
Granted during the period		-			-
Exercised during the period		-			-
Balance, September 30, 2012		-			-		-

F-12

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2012

(unaudited)

NOTE 6- STOCKHOLDERS’ DEFICIT (con’t.)

(4) 2011 Stock Options

The Company’s stock option activity is as follows:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Balance, December 31, 2007		-			-		-
Granted during 2008		20,965			2.20		5.00
Exercised during 2008		(20,965	)		2.20
Balance, December 31, 2008		-			-		-
Granted during the period		424,900			0.20
Exercised during the period		(424,900	)		0.20
Balance, December 31, 2009		-			-		-
Granted during 2010		468,051			0.20
Exercised during 2010		(468,051	)		0.20
Balance, December 31, 2010		-			-		-
Granted during the period		387,250			0.20
Exercised during the period		(387,250			) 0.20

Balance, September 30, 2011		-			-		-

On June 30, 2011 the Company filed Registration Statements on Form S-8 to register 490,000 to be issue pursuant to the Company’s 2011 Stock. Incentive and Option Plan. 270,000 shares have been granted and exercised under the June 2011 Stock Option Plan.

NOTE 7 – RELATED PARTY TRANSACTIONS

During the nine months ended September 30, 2012, the Company incurred $3,000 (2011 -$3,125) in management fees to directors.

During the nine months ended September 30, 2012 the Company incurred $24,769 (2011 - $23,891) in rent and office expenses to a private company controlled by a shareholder.

During the nine months ended September 30, 2012, companies controlled by significant shareholders earned $22,271 (2011 - $27,314) pursuant to the expired portion of deferred compensation agreements (see Note 5).

The following amounts are due to related parties at:

	September 30, 2012		December 31, 2011

Significant shareholders	$	150,217	$	79,071

F-13

BRAVO ENTERPRISES LTD.

(formerly Organa Gardens International Inc.)

(A development stage company)

NOTES TO FINANCIAL STATEMENTS

September 30, 2012

(unaudited)

NOTE 8 – SUPPLEMENTAL CASH FLOW INFORMATION

	Nine months ended September 30,
	2012		2011
Cash paid during the period for:
Interest	$	-	$	-
Income taxes	$	-	$	-

The Company paid no cash for interest and income taxes for the six months ended June 30, 2012 and 2011.

NOTE 9 – INCOME TAXES

As of September 30, 2012, the Company had net operating loss carryforwards of approximately $25,000,000 that may be available to reduce future years' taxable income and will expire between the years 2013 - 2032. Availability of tax losses is subject to change of ownership limitations under Internal Revenue Code 382. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carryforwards.

NOTE 10 – COMMITMENTS AND CONTINGENCIES

On February 21, 2002, the Company issued 17,500 post-reverse split shares valued at $119,000 to Empire Sterling Corporation for services to be rendered with respect to the acquisition of ACGT Corporation (“ACGT”). The shares were to be held in trust and not sold until all necessary financing was in place to complete the ACGT acquisition. Empire Sterling Corporation breached the trust agreement and the Company placed a stop transfer on these shares and requested they be returned to the Company. Empire Sterling Corporation failed to return the share certificate and as such, the Company commenced court proceedings against the principals of Empire Sterling Corporation. The Company argued for an interim injunction against all parties and was successful. On May 9, 2002, the Court ordered Empire Sterling Corporation to deposit the shares with the Court pending judicial disposition. The Company continued to file legal process claiming ownership of the shares and breach of trust inter alia. The Company was successful and has now applied to have the share certificates released and subsequently cancelled. As of September 30, 2012, the Company is still in the process of having the certificates released.

In February, 2008, the Company received a demand notice from CGG Veritas for failure to pay an outstanding balance of $317,380 pursuant to a Master Agreement and Job Supplement for the Shotgun Draw 2D Seismic Program in Utah. In accordance with Section 15.3 of the Master Agreement and Job Supplement dated March 21, 2007, CGG has demanded payment by April 25, 2008. If CGG Veritas is forced to proceed with litigation of this matter, it will seek reimbursement of its attorneys’ fees and expenses related to the litigation. The Company is currently examining various alternatives to resolve this matter. CGG Veritas has not proceeded with litigation as of September 30, 2012.

As of August 1, 2010, the Company has leased 1250 sq. ft of office space from Holm Investments Ltd. at $2,500 per month for a period of 3 years.

F-14

Item 2. Management’s Discussion and Analysis or Plan of Operation.

The following should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements.

Our Company, Bravo Enterprises Ltd., was formed under the laws of the State of Nevada on November 29, 1983 under the name Venture Group, Inc. On February 11, 1986, an amendment to the Articles of Incorporation was filed changing the corporate name to Asdar Corporation. On December 10, 1987, another amendment to the Articles of Incorporation was filed changing the corporate name to Asdar Group. On February 18, 2001, Asdar Group filed a Certificate of Reinstatement with the Secretary of State of Nevada. On April 30, 2002, another amendment to the Articles of Incorporation was filed changing the corporate name to Precise Life Sciences Ltd. Additional amendments to the Articles of Incorporation were filed changing the corporate name as follows:

February 18, 2003	- Iceberg Brands Corporation
August 28, 2003	- Avalon Gold Corporation
March 22, 2005	- Avalon Energy Corporation
September 25, 2007	- Shotgun Energy Corporation
April 7, 2009	- Organa Gardens International Inc.
June 8, 2012	- Bravo Enterprises Ltd.

Vertical Hydroponic Farming Project

Our Company has undertaken a new project in 2009. Organa Gardens International Inc. has a vertical hydroponics farming system built to make the most efficient use of light, energy, water, land, temperature and production cycle while growing the highest quality and healthiest plants in an optimum, consistent environment unaffected by weather. The Organa Garden Systems (OGS) provide a means for food production and consumption change to global environmental and ecological sustainability through vertical hydroponics rotary farming.

There are two OGS models; the Discovery (OGS-D) and the Enterprise (OGS-E)

Both the OGS-D and OGS-E are rotary hydroponics vertical farming systems designed with serviceability, ease-of-use and maximum harvest in mind. Both models are modular, allowing them to be expanded by stacking them. Its specially designed waterwheel technology allows the fully automated system to recycle and reuse 95% of the water used while requiring a negligible amount of energy to run.

The Discovery is a strong, low cost ABS plastic model for the home gardener and the Enterprise is a powder-coated steel version for the commercial grower. Both models are modular and can be expanded by stacking them. "The more you stack the more you grow"

Benefits of the Organa Garden Systems:

- Fresh, nutritious and abundant produce all year-round

- Localized year-round farming possible, eliminating costly transportation,

spoilage and pollution.

- Reduces the use of pesticides and preservatives.

- Urban renewal and sustainable community building.

- Energy and water conservation.

- More frequent harvest.

- Fully automated and easy to operate.

- Business opportunity for the entrepreneurial businessman or established farmer

On March 6, 2009, the Company signed an agreement to acquire all of the assets of Organa Gardens Inc.(OGI), a Nevada Corporation in the business of hydroponics vertical farming. These assets include, but are not limited to all proprietary designs, engineering, technology, business models, plans and intellectual properties pertaining to the Organa Garden System-Discovery (OGS-D) and the Organa Garden System-Enterprise (OGS-E). Both the OGS-D and OGS-E are a rotary hydroponics vertical farming system designed with serviceability, ease-of-use and maximum harvest in mind. Both models are modular, allowing them to be expanded by stacking them. Its specially designed waterwheel technology allows the fully automated system to recycle and reuse 95% of the water used while requiring a negligible amount of energy to run.

The Company was to issue up to 1,250,000 post-reverse split Rule 144 shares of its common stock to OGI, to be held in trust and released based on the following terms and gross revenue requirements:

(a) Release of 500,000 post-reverse split shares of the Company upon signing this Agreement.

(b) Release of 250,000 post-reverse split shares of the Company upon attaining $1,000,000 US in gross revenue.

(d) Release of 250,000 post-reverse split shares of the Company upon attaining $4,000,000 US in gross revenue.

The Company was to raise up to $500,000 US to market and fulfill the required obligations of OGI as outlined in the supplemental agreement(s) to follow. The Company and Organa Gardens Inc. agree to allow the shares to sit in trust for a period of 5 years in order for OGI to meet its sales goals. Should the requirements not be met in all or part, then all of the remaining shares will be returned back to the treasury of the Company.

However, On June 9, 2009, the Company signed an amended agreement to acquire all of the assets of Organa Gardens Inc., a Nevada Corporation in the business of hydroponics vertical farming. These assets include but are not limited to all proprietary designs, engineering, technology, business models, plans and intellectual properties pertaining to the Organa Garden System-Discovery (OGS-D) and the Organa Garden System-Enterprise (OGS-E).

Under the terms of the acquisition, the Company will issue 175,000 post-reverse split restricted 144 shares to Organa Gardens Inc. and/or its nominees (issued) and render a cash commitment of up to $250,000 to complete the final steps of taking the OGS-D and OGS-E to market. This agreement replaces the agreement dated March 9, 2009.

Currently, the Company continues the process of applying for a world-wide patent for its vertical hydroponic farming system, Organa Gardens System - Enterprise (OGS-E). The management of Organa Gardens is in the final steps of determining the types of materials that will be used to mass produce the OGS-E units economically so that the units can be sold and used affordably by the general population who would like to grow their own food organically and efficiently.

Further, the Company continues its discussions with a China-based company to manufacture and distribute the Company's Organa Garden Systems-Enterprise (OGS-E) Initial marketing emphasis will target second tier cities such as Chengdu and Tianjin in central and northern China where farming is seasonal. The Company’s growing wheel will enable the tier two cities to grow organic foods without the risks of pesticides, crops pest, and soil-borne diseases while reaping the rewards of higher yields and seasonal extension of crop growth. The Company will allow China to grow organic foods on a smaller scale to accommodate variable demands while being cost and energy efficient

Powder Coating Project

On July 29, 2011, the Company has signed a Letter of Intent with Integrated Green Technologies LLC (IGT), of Fort Lauderdale, Florida to merge the two companies. A definitive agreement of the merger will be an exchange of restricted shares of the Company’s stock to IGT shareholders effecting a change of business which will still follow the Company’s green mandate. On August 17, 2011 the Company entered into a formal agreement with IGT and is currently conducting its due diligence. IGT is an industrial tools, machinery & equipment manufacturer including consumable supplies & materials. IGT is a distributor of heavy-duty blasting equipment and “green” environmentally safe mobile powder coating systems featuring the pending patent, Triplex Electrostatic/Electrostatic Thermal Spray/Non Electrostatic Thermal Spray and Powder Coating Spray and Conversion Device. The Company had advanced $8,000 to IGT for prepaid expenses as of December 31, 2011. (2010 – Nil). The Company has written off this amount as of December 31, 2011. Upon completion of the due diligence process, the Company will issue a structured release of 3,000,000 post-reverse split restricted shares to be transferred under the Agreement. The structure shall be as follows: upon execution of the Agreement, 1,500,000 post-reverse split shares shall be issued immediately thereafter, an additional 750,000 post-reverse split shares shall be issued 120 days following the execution date and the balance of 750,000 post-reverse split shares shall be issued 240 days following the execution date. The Company is required to provide $250,000 in funding to IGT over a period of one year. As of June 30, 2012 and as a result of the due diligence process, the Company is not proceeding with this acquisition due to complications with the current patent filed by IGT. Should IGT move forward and correct the deficiencies with the patent, the Company will re-consider the project.

Available for Sale Securities – related parties.

Terralene Fuels

Legacy

Effective December 31, 2007, the Company recorded, as other comprehensive income for the year, a $604,440 unrealized gain in the carrying value of its shares of Legacy.

During the year ended December 31, 2010, the Company the Company received 2,627,440 restricted shares of Legacy valued to $131,372 pursuant to a debt settlement and sold Nil Legacy shares. The Company recorded an unrealized gain in the carrying value of its available-for-sale securities totaling $35,021, which was recorded as other comprehensive income (loss). As a result, the carrying value of the available for sale shares of Legacy is $58,822 as at December 31, 2010. Effective December 31, 2010, the Company recorded a $78,823 write-down of its investment in Legacy due to an other-than-temporary decline in the value of the shares.

Available for sale securities – related parties include the following:

	September 30,		December 31,
	2012		2011

3,676,335 (2011-3,676,335) shares of Legacy Wine & Spirits Ltd.	$	4,044	$	5,882
98,612 (2011- 98,612) shares of Terralene Fuels Corporation		118		237

	$	4,162	$	6,119

Liquidity and Capital Resources.

At September 30, 2012, we had total assets of $8,316 including cash of $1,202 and taxes recoverable of $2,952. We have available for sale securities with a fair value of $4,162 as at September 30, 2012. As of December 31, 2011, we had total assets of $8,331. The slight decrease in assets is primarily due to an decrease in available for sale securities.

At September 30, 2012, we had current liabilities of $632,305, which was represented by accounts payable and accrued liabilities of $482,088 and $150,217 due to related parties. As of December 31, 2011 we had current liabilities of $562,705. The increase in liabilities was a result of an increase in related party payables. At September 30, 2012, we had a working capital deficiency of $628,151 (December 31, 2011 - $560,493).

Going Concern

We do not believe that our current cash resources will be able to maintain our current operations for an extended period of time. We will be required to raise additional funds or arrange for additional financing over the next 12 months to adhere to our development schedule. No assurance can be given, however, that we will have access to additional cash in the future, or that funds will be available on acceptable terms to satisfy our working capital requirements. If we are not able to arrange for additional funding or if our officers, directors and shareholders stop advancing funds to us, we may be forced to make other arrangements for financing such as loans or entering into strategic alliances. We have not identified any alternative sources of financing.

Results of Operations

We have not yet realized any revenue from operations to date. Loss from operations for the three month period ended September 30, 2012 was $45,453 (2011 - $40,186). This increase in loss was due to the incurrence of more expenditures in professional fees.

Loss from operations for the nine month period ended September 30, 2012 was $125,305 (2011 - $90,649). This increase in loss was due to the incurrence of more expenditures in management and consulting fees and professional fees.

From January 1, 1996 to September 30, 2012 our Company has incurred cumulative net losses of $20,564,144 resulting primarily from the write-down of $3,815,655 in its interests in oil and gas properties, write-down of $1,406,000 in its interest in ACGT Corporation, write-down of equities in Legacy Wine & Spirits International Ltd. of $258,580, write-down of equities in Terralene Fuels Corporation of $15,768 and also as a result of selling, general and administrative expenses including a litigation settlement of $2,291,070; management and consulting fees of $6,869,008, office and general expenses of $2,903,399; professional fees of $1,200,064; interest expense of $98,282, exploration costs of $113,678, loss on settlement of debt of $718,784, software development costs of $737,300 and research and development costs of $285,231. In addition, we received $130,000 in property option income as a recorded value of certain restricted shares in Terralene Fuels Corporation , $82,138 in interest and royalty income and a gain on the sale of securities – related parties of $21,541.

The cash and equivalents constitute our present internal sources of liquidity.

Because we are not generating any significant revenues, our only external source of liquidity is the sale of our capital stock and any advances from officers, directors or shareholders.

Our Plan of Operation for the Next Twelve Months

We do anticipate that we will need to raise additional capital within the next 12 months in order to continue as a going concern. Bravo Enterprises Ltd. does not anticipate any significant development costs within the next 12 months, nor does Bravo Enterprises Ltd. anticipate that it will lease or purchase any significant equipment within the next 12 months. Bravo Enterprises Ltd. does not anticipate a significant change in the number of its employees within the next 12 months. However, Bravo Enterprises Ltd. will be required to raise $250,000 for the hydroponic vertical farming project – See above.

Off-Balance Sheet Arrangements

Our company has not entered into any off balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As of September 30, 2012, we had cash in the amount of $1,202. We have not generated any revenues since inception and have incurred a net loss of $20,564,144 from our re-entry into development stage on January 1, 1996 to September 30, 2012. Our current operating funds are insufficient to cover the next phase of developing the hydroponic vertical farming project. It will have to obtain funds through entering into arrangements with collaborative partners or others to accomplish these expenditures. However, we do not have any specific plans for raising the required funds. There is no assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our anticipated expenditures.

Item 4T Controls and Procedures.

Our management carried out an evaluation with the participation of our Chief Executive Officer who serves as our principal executive officer and principal financial and accounting officer, required by Rule 13a-15 of the Securities Exchange Act of 1934 (the “Exchange Act”) of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act.

There was no change in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2012 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

This quarterly report does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of our registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.

PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings

1. On February 21, 2002, the Company issued 17,500 post-reverse split shares valued at $119,000 to Empire Sterling Corporation for services to be rendered with respect to the acquisition of ACGT Corporation. The shares were to be held in trust and not sold until all necessary financing was in place to complete the ACGT acquisition. Empire Sterling Corporation breached the trust agreement and the Company placed a stop transfer on these shares and requested they be returned to the Company. Empire Sterling Corporation failed to return the share certificate and as such, the Company commenced court proceedings against the principals of Empire Sterling Corporation. The Company argued for an interim injunction against all parties and was successful. On May 9, 2002, the Court ordered Empire Sterling Corporation to deposit the shares with the Court pending judicial disposition. The Company continued to file legal process claiming ownership of the shares and breach of trust inter alia. The Company was successful and has now applied to have the share certificate released and subsequently cancelled. As of September 30, 2012, the Company is still in the legal process of having the certificate released.

ITEM 1A. Risk Factors

Not Applicable

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

(1) 2012 Stock Transactions- During the nine months ended September 30, 2012:

The Company issued 4,500,000 restricted common shares valued at $99,450 pursuant to deferred compensation agreements.

(2) 2011 Stock Transactions- During the nine months ended September 30, 2011:

The Company issued 1,250 restricted common shares valued at $125 to a new director for his services.

The Company issued 325,000 restricted common shares valued at $97,500 pursuant to deferred compensation agreements. (See Note 6)

The Company issued 270,000 common shares pursuant to the Company’s 2011 Stock Incentive and Option Plan with a value of $64,800 for satisfaction of debt to related parties.

(3) 2012 Stock Options

The Company’s stock option activity is as follows:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Balance, December 31, 2007		-			-		-
Granted during 2008		20,965			2.20		-
Exercised during 2008		(20,965	)		2.20
Balance, December 31, 2008		-			-		-
Granted during the period		424,900			0.20
Exercised during the period		(424,900	)		0.20
Balance, December 31, 2009		-			-		-
Granted during 2010		468,051			0.20
Exercised during 2010		(468,051	)		0.20
Balance, December 31, 2010		-			-		-
Granted during the period		387,250			0.20
Exercised during the period		(387,250	)		0.20
Balance, December 31, 2011		-			-		-
Granted during the period		-			-
Exercised during the period		-			-
Balance, September 30, 2012		-			-		-

(4) 2011 Stock Options

The Company’s stock option activity is as follows:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)
Balance, December 31, 2007		-			-		-
Granted during 2008		20,965			2.20		5.00
Exercised during 2008		(20,965	)		2.20
Balance, December 31, 2008		-			-		-
Granted during the period		424,900			0.20
Exercised during the period		(424,900	)		0.20
Balance, December 31, 2009		-			-		-
Granted during 2010		468,051			0.20
Exercised during 2010		(468,051	)		0.20
Balance, December 31, 2010		-			-		-
Granted during the period		387,250			0.20
Exercised during the period		(387,250	)		0.20

Balance, September 30, 2011		-			-		-

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

Not Applicable

ITEM 5. Other Information

ITEM 6. EXHIBITS

Exhibit 31.1

Section 906 Certification of Periodic Report of the Chief Executive Officer.

Exhibit 31.2

Section 906 Certification of Periodic Report of the Chief Financial Officer.

Exhibit 32.1

Section 302 Certification of Periodic Report of the Chief Executive Officer.

Exhibit 32.2

Section 302 Certification of Periodic Report of the Chief Financial Officer.

101.INS **	XBRL Instance Document

101.SCH **	XBRL Taxonomy Extension Schema Document

101.CAL **	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF **	XBRL Taxonomy Extension Definition Linkbase Document

101.LAB **	XBRL Taxonomy Extension Label Linkbase Document

101.PRE **	XBRL Taxonomy Extension Presentation Linkbase Document

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BRAVO ENTERPRISES LTD.

Date: November 19, 2012	By:	/s/ Jaclyn Cruz
		Jaclyn Cruz
		President and C.E.O

Date: November 19, 2012	By:	/s/ Matt Kelly
		Matt Kelly
		Secretary. Treasurer and C.F.O.

EX-31.1 2 bravo_ex311.htm CERTIFICATION bravo_ex311.htm

Exhibit 31.1

CERTIFICATION

I, Jaclyn Cruz, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Bravo Enterprises Ltd.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) In my capacity as the registrant's certifying officers, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant 's internal control over financial reporting that occurred during the registrant 's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, registrant 's internal control over financial reporting; and

(5) In my capacity as the registrant's certifying officers, I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant 's auditors and the audit committee of the registrant 's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 19, 2012

/s/ Jaclyn Cruz
Jaclyn Cruz
President and CEO
Bravo Enterprises Ltd.

EX-31.2 3 bravo_ex312.htm CERTIFICATION bravo_ex312.htm

Exhibit 31.2

CERTIFICATION

I, Matt Kelly, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Bravo Enterprises Ltd.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 19, 2012

/s/ Matt Kelly
Matt Kelly
Director, Secretary & Treasurer
Bravo Enterprises Ltd.

EX-32.1 4 bravo_ex321.htm CERTIFICATION bravo_ex321.htm

Exhibit 32.1

Written Statement of the Chief Executive Officer Pursuant to 18 U.S.C. 1350

Solely for the purposes of complying with 18 U.S.C. 1350, I, the undersigned Principal Executive Officer of Bravo Enterprises Ltd.(the "Company"), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2012 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 19, 2012

/s/ Jaclyn Cruz
Jaclyn Cruz
President and CEO

EX-32.2 5 bravo_ex322.htm CERTIFICATION bravo_ex322.htm

Exhibit 32.2

Written Statement of the Chief Financial Officer Pursuant to 18 U.S.C. 1350

Date: November 19, 2012

/s/ Matt Kelly
Matt Kelly
Director, Secretary & Treasurer

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8000 3.000000 Upon completion of the due diligence process, the Company will issue a structured release of 3,000,000 post-reverse split restricted shares to be transferred under the Agreement. The structure shall be as follows: upon execution of the Agreement, 1,500,000 post-reverse split shares shall be issued immediately thereafter, an additional 750,000 post-reverse split shares shall be issued 120 days following the execution date and the balance of 750,000 post-reverse split shares shall be issued 240 days following the execution date. The Company is required to provide $250,000 in funding to IGT over a period of one year. As a result of the due diligence process, the Company is not proceeding with this acquisition due to complications with the current patent filed by IGT. Should IGT move forward and correct the deficiencies with the patent, the Company will re-consider the project.

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On March 6, 2009, the Company has signed an agreement to acquire all of the assets of Organa Gardens Inc.(OGI), a Nevada Corporation in the business of hydroponics vertical farming. These assets include, but are not limited to all proprietary designs, engineering, technology, business models, plans and intellectual properties pertaining to the Organa Garden System-Discovery (OGS-D) and the Organa Garden System-Enterprise (OGS-E). Both the OGS-D and OGS-E are a rotary hydroponics vertical farming system designed with serviceability, ease-of-use and maximum harvest in mind. Both models are modular, allowing them to be expanded by stacking them. Its specially designed waterwheel technology allows the fully automated system to recycle and reuse 95% of the water used while requiring a negligible amount of energy to run.   The Company was to issue up to 1,250,000 post-reverse split Rule 144 shares of its common stock to OGI, to be held in trust and released based on the following terms and gross revenue requirements:   (a) Release of 500,000 post-reverse split shares of the Company upon signing this Agreement.  (b) Release of 250,000 post-reverse split shares of the Company upon attaining $1,000,000 US in gross revenue. (c) Release of 250,000 post-reverse split shares of the Company upon attaining $2,500,000 US in gross revenue. (d) Release of 250,000 post-reverse split shares of the Company upon attaining $4,000,000 US in gross revenue.   None of these shares have been issued to date and the agreement has not yet been finalized.   The Company will raise up to $500,000 US to market and fulfill the required obligations of OGI as outlined in the supplemental agreement(s) to follow. The Company and Organa Gardens Inc.agree to allow the shares to sit in trust for a period of 5 years in order for OGI to meet its sales goals. Should the requirements not be met in all or part, then all of the remaining shares will be returned back to the treasury of the Company.   On June 9, 2009, the Registrant signed an amended agreement to acquire all of the assets of Organa Gardens Inc., a Nevada Corporation in the business of hydroponics vertical farming. These assets include but are not limited to all proprietary designs, engineering, technology, business models, plans and intellectual properties pertaining to the Organa Garden System-Discovery (OGS-D) and the Organa Garden System-Enterprise (OGS-E).   Under the terms of the acquisition, the Company issued 175,000 post-reverse split restricted 144 shares to Organa Gardens Inc.and/or its nominees (issued) and render a cash commitment of up to $250,000 to complete the final steps of taking the OGS-D and OGS-E to market. This agreement replaces the agreement dated March 9, 2009.   All research and development costs are expensed as incurred and include costs of consultants who conduct research and development on behalf of the Company. For the year ended December 30, 2011, the Company incurred $Nil in research and development costs. During the nine months ended September 30, 2012 $Nil was incurred in research and development. (2011 - $Nil).   On July 29, 2011, the Company has signed a Letter of Intent with Integrated Green Technologies LLC (IGT), of Fort Lauderdale, Florida to merge the two companies. A definitive agreement of the merger will be an exchange of restricted shares of the Companys stock to IGT shareholders effecting a change of business which will still follow the Companys green mandate. On August 17, 2011 the Company entered into a formal agreement with IGT and is currently conducting its due diligence. IGT is an industrial tools, machinery & equipment manufacturer including consumable supplies & materials. IGT is a distributor of heavy-duty blasting equipment and green environmentally safe mobile powder coating systems featuring the pending patent, Triplex Electrostatic/Electrostatic Thermal Spray/Non Electrostatic Thermal Spray and Powder Coating Spray and Conversion Device. The Company had advance $8,000 to IGT for prepaid expenses as of December 31, 2011. (2010 Nil). The Company has written off this amount as of December 31, 2011. Upon completion of the due diligence process, the Company will issue a structured release of 3,000,000 post-reverse split restricted shares to be transferred under the Agreement. The structure shall be as follows: upon execution of the Agreement, 1,500,000 post-reverse split shares shall be issued immediately thereafter, an additional 750,000 post-reverse split shares shall be issued 120 days following the execution date and the balance of 750,000 post-reverse split shares shall be issued 240 days following the execution date. The Company is required to provide $250,000 in funding to IGT over a period of one year. As a result of the due diligence process, the Company is not proceeding with this acquisition due to complications with the current patent filed by IGT. Should IGT move forward and correct the deficiencies with the patent, the Company will re-consider the project.

Available for sale securities related parties include the following:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%; font-weight: bold; text-align: center">September </td> <td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td colspan="2" style="line-height: 115%; font-weight: bold; text-align: center">December </td> <td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center">30, 2012</td> <td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center">31, 2011</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; line-height: 115%">3,676,335  (2011-3,676,335) shares of Legacy Wine & Spirits</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 9%; line-height: 115%; text-align: right">4,044</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 9%; line-height: 115%; text-align: right">5,882</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">     98,612  (2011- 98,612) shares of Terralene Fuels Corporation</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">118</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">237</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%; text-align: right"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%; text-align: right"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: right">4,162</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: right">6,119</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> </table>

The following amounts are due to related parties at:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> September 30, 2012</td> <td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> December 31, 2011</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; line-height: 115%">Significant shareholders</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="width: 9%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">150,217</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="width: 9%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">79,071</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%"></td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"> <tr> <td style="vertical-align: bottom; line-height: 115%"> </td> <td colspan="6" style="vertical-align: bottom; border-bottom: black 1.5pt solid"> Nine months ended September 30,</td> <td nowrap="nowrap" style="vertical-align: bottom; line-height: 115%; font-weight: bold; text-align: center"> </td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center">2012</td> <td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td style="line-height: 115%; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center">2011</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%">Cash paid during the period for:</td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; line-height: 115%; text-indent: 36pt">Interest</td> <td style="width: 1%; line-height: 115%; text-align: right"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 9%; line-height: 115%; text-align: right">-</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%; text-align: right"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 9%; line-height: 115%; text-align: right">-</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%; text-indent: 36pt">Income taxes</td> <td style="line-height: 115%; text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">-</td> <td nowrap="nowrap" style="line-height: 115%"> </td> <td style="line-height: 115%; text-align: right"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right">-</td> <td nowrap="nowrap" style="line-height: 115%"> </td></tr> </table>

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150217

79071

The Company was incorporated as Venture Investments Inc. under the Laws of the State of Nevada on November 29, 1983.  The Company underwent a name change to Asdar Group on December 10, 1987, a name change to Precise Life Sciences Ltd. on April 30, 2002, a name change to Iceberg Brands Corporation on February 18, 2003, a name change to Avalon Gold Corporation on August 28, 2003, a name change to Avalon Energy Corporation on March 22, 2005, a name change to Shotgun Energy Corporation on September 25, 2007, a name change to Organa Gardens International Inc. on February 26, 2009 and a name change to Bravo Enterprises Ltd. on June 1, 2012.  The Company was dormant from 1991 to 1996 and currently has no revenue generating operations. In accordance with FASB ASC 915, Development Stage Enterprises, the Company was considered a development stage company since January 1, 1996 and as a result of changing its business focus to vertical hydroponic farming is still considered to be a development stage company. Expected operations will consist of growing fruits and vegetables using a rotary hydroponics vertical farming system designed with serviceability, ease-of-use and maximum harvest in mind.   GOING CONCERN   The financial statements have been prepared on the basis of a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  The Company has not generated any revenues or completed development of any commercially acceptable products or services to date and has incurred losses of $20,564,144 since January 1, 1996 to September 30, 2012, and further significant losses are expected to be incurred in the exploration and development of its resource properties, should the company be able to finance or joint venture its resource property. Losses are expected in the development of the vertical hydroponic farming project as well. The Company will depend almost exclusively on outside capital through the issuance of common shares to finance ongoing operating losses and to fund the acquisition, exploration and development of its resource properties.  The ability of the Company to continue as a going concern is dependent on raising additional capital and ultimately on generating future profitable operations.  There can be no assurance that the Company will be able to raise the necessary funds when needed to finance its ongoing costs.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  The accompanying financial statements do not include any adjustments relative to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.   In April, 2012, a majority of the shareholders entitled to vote on such matters approved a change of name from Organa Gardens International Inc. to Bravo Enterprises Ltd. and a one-for-twenty (1:20) stock split of all of this Companys outstanding common stock, without any change in par value for the shares of common stock of this Company. The stock split did not include a change in the authorized capital of the Company. On April 23, 2012, a Certificate of Amendment to its Articles of Incorporation was filed with the State of Nevada changing the name to Bravo Enterprises Ltd., effective June 1, 2012.  As advised on May 9, 2012, the Companys CUSIP Number changed from 68618Y 10 6 to 10567L 10 7. On June 8, 2012, the Company began to trade as Bravo Enterprises Ltd. under the same trading symbol being OGNG. Pre-split the total shares outstanding was 61,796,467 and post-split thfe total shares outstanding was 3,089,823.

The unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Regulation S-X Article 8 Financial Statements of Smaller Reporting Companies as promulgated by the Securities and Exchange Commission ("SEC").  Accordingly, these financial statements do not include all of the disclosures required by generally accepted accounting principles for complete financial statements.  These unaudited interim financial statements should be read in conjunction with the audited financial statements for the period ended December 31, 2011 indexed in Form 10-K.  In the opinion of management, the unaudited interim financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim period presented.   The preparation of financial statements in accordance with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period.  Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions that could have a material effect on the reported amounts of the Company's financial position and results of operations.   Operating results for the nine month period ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.   Stock-Based Compensation   The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement.   Recent Accounting Pronouncements   There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on our financial statements.   The Company adopted certain amendments to Accounting Standards Codification (ASC) 820, Fair Value Measurements, effective January 1, 2012. These amendments include a consistent definition of fair value, enhanced disclosure requirements for Level 3 fair value adjustments and other changes to required disclosures. Their adoption did not have a material impact on the Companys consolidated financial statements.   The Company adopted the amendments to ASC 220, Comprehensive Income, effective January 1, 2012. The amendments pertained to presentation and disclosure only.   The Company adopted the amendments to ASC 350, Intangibles-Goodwill and Others, effective January 1, 2012. The amended guidance allows us to do an initial qualitative assessment of relevant events and circumstances to determine if fair value of a reporting unit is more likely than not to be less than its carrying value, prior to performing the two-step quantitative goodwill impairment test. The adoption of these amendments did not have a material impact on the Companys consolidated financial statements.

Terralene Fuels   During 2004, the Company received 111,111 restricted Rule 144 shares of Terralene Fuels Corporation (Terralene Fuels), a public company with directors and significant shareholders in common. The restricted shares were received as non-refundable consideration pursuant to agreements with Terralene Fuels dated November 10, 2004 and December 10, 2004 to acquire certain mineral property interests from the Company.  These agreements were subsequently terminated.   Effective December 31, 2004 the Company recorded, as other comprehensive loss for the year, a $10,000 unrealized loss in the carrying value of its shares of Terralene Fuels.  During the years ended December 31, 2005 and 2006 the Company recorded additional unrealized losses in the carrying value of its shares of Terralene Fuels totalling $90,000 and $8,889 respectively, which were recorded as other comprehensive loss for those years.  During the year ended December 31, 2007, the Company sold 2,500 shares resulting in a realized gain of $165 and recorded an additional unrealized loss of $473 in 2007. During the year ended December 31, 2008, the Company sold 10,000 shares resulting in a realized loss of $800 and recorded an additional unrealized loss of $15,026 to December 31, 2008. As a result, the carrying value of the available for sale shares of Terralene Fuels is $2,712 as at December 31, 2008.   During the year ended December 31, 2009, the Company recorded an unrealized gain of $1,232. As a result, the carrying value of the available for sale shares of Terralene Fuels is $3,945 as at December 31, 2009.   During the year ended December 31, 2010, the Company sold Nil Terralene Fuels shares and recorded an unrealized gain of $11,774. As a result, the carrying value of the available for sale shares of Terralene Fuels is $2,860 as at December 31, 2010. Effective December 31, 2010, the Company recorded a $12,859 write-down of its investment in Golden due to an other-than-temporary decline in the value of the shares.   During the year ended December 31, 2011, the Company sold Nil Terralene Fuels shares and recorded an unrealized loss of $2,623. As a result, the carrying value of the available for sale shares of Terralene Fuels is $237 as at December 31, 2011. Effective December 31, 2011, the Company recorded a $2,909 write-down of its investment in Golden due to an other-than-temporary decline in the value of the shares.   During the nine month period ended September 30, 2012, the Company sold Nil Terralene Fuels shares and recorded an additional unrealized loss of $(119) to September 30, 2012. As a result, the carrying value of the available for sale shares of Terralene Fuels is $118 as at September 30, 2012.   Legacy   During 2003 the Company settled an outstanding debt receivable of $122,988 from Legacy Mining Ltd. (Legacy) for the issue of 1,229,880 restricted shares of Legacy representing a then 9.8% interest in Legacy. During 2004, the Company wrote this investment down to $1 because management determined that it was not recoverable within a reasonable period of time.   Effective December 31, 2007, the Company recorded, as other comprehensive income for the year, a $604,440 unrealized gain in the carrying value of its shares of Legacy.   During the year ended December 31, 2008, the Company sold 150,000 Legacy shares resulting in a realized gain of $26,100 and recorded an additional unrealized gain of $270,562 to December 31, 2008. As a result, the carrying value of the available for sale shares of Legacy was $885,502 as at December 31, 2008.   During the year ended December 31, 2009, the Company sold 30,985 Legacy shares resulting in a realized loss of $2,987 (net of commissions of $595) and recorded an additional unrealized loss of $797,161 to December 31, 2009. As a result, the carrying value of the available for sale shares of Legacy is $ 62,934 as at December 31, 2009.   During the year ended December 31, 2010, the Company received 2,627,440 restricted shares of Legacy valued to $131,372 pursuant to a debt settlement and sold Nil Legacy shares. The Company recorded an unrealized gain in the carrying value of its available-for-sale securities totaling $35,021, which was recorded as other comprehensive income (loss). As a result, the carrying value of the available for sale shares of Legacy is $58,822 as at December 31, 2010. Effective December 31, 2010, the Company recorded a $78,823 write-down of its investment in Legacy due to an other-than-temporary decline in the value of the shares.   During the year ended December 31, 2011, the Company sold Nil Legacy shares and recorded an unrealized loss of $52,939. As a result, the carrying value of the available for sale shares of Legacy is $5,882 as at December 31, 2011. Effective December 31, 2011, the Company recorded a $51,469 write-down of its investment in Legacy due to another-than-temporary decline in the value of the shares.   During the nine month period ended September 30, 2012, the Company sold Nil Legacy shares and recorded an additional unrealized loss of $(1,838) to September 30, 2012. As a result, the carrying value of the available for sale shares of Legacy is $4,044 as at September 30, 2012.   Available for sale securities related parties include the following:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="font-weight: bold; text-align: center">September </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December </td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">30, 2012</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">31, 2011</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">3,676,335  (2011-3,676,335) shares of Legacy Wine & Spirits</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">4,044</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">5,882</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>     98,612  (2011- 98,612) shares of Terralene Fuels Corporation</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">118</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">237</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,162</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,119</td> <td nowrap="nowrap"> </td></tr> </table>

On July 1, 2011 the Company entered into an agreement with Compte de Sierge Accomodative Corp. (Compte), a private company controlled by a significant shareholder, with an eighteen month term, whereby Compte provides investor relations services to the Company specific to the hydroponic vertical farming project (valued at $22,500) in exchange for 75,000 restricted shares of the Companys common stock.     On July 1, 2011, the Company entered into an agreement with Charlton Investments Ltd. (Charlton), a private company controlled by a significant shareholder, with a two-year term, whereby Charlton provides investment-banking services to the Company (valued at $30,000) in exchange for 100,000 restricted shares of the Companys common stock.   On July 1, 2011, the Company entered into agreements with three consultants, for a twelve month term, whereby the consultants provide consulting services to the Company (valued at $45,000) in exchange for 150,000 shares of the Companys common stock.   On December 1, 2011, the Company entered into an agreement with a consultant, for a twelve month term, whereby the consultant will provide consulting services to the Company (valued at $1,800) in exchange for 22,500 shares of the Companys common stock.   On July 16, 2011 the Company entered into an agreement with Palisades Financial Ltd. (Palisades), a private company controlled by a significant shareholder, with a two year term, whereby Palisades provides investor relations services to the Company (valued at $27,625) in exchange for 1,250,000 restricted shares of the Companys common stock.     On July 16, 2011, the Company entered into an agreement with 1063244 Alberta Ltd. (1063244), a private company controlled by a significant shareholder, with a two-year term, whereby 1063244 provides investment-banking services to the Company (valued at $33,150) in exchange for 1,500,000 restricted shares of the Companys common stock.   On July 16, 2011, the Company entered into agreements with two consultants, for a two year term, whereby the consultants provide consulting services to the Company (valued at $38,675) in exchange for 1,750,000 shares of the Companys common stock.   The Company amortizes the costs of these services over the respective terms of the contracts. During the nine months ended September 30, 2012 and 2011, the Company recorded amortization of deferred compensation totaling $57,648 and $27,314 respectively.  As of September 30, 2012 the unamortized portion of the deferred compensation totaled $104,392. (December 31, 2011 - $62,590).

In April, 2012, a majority of the shareholders entitled to vote on such matters approved a change of name from Organa Gardens International Inc. to Bravo Enterprises Ltd. and a one-for-twenty (1:20) stock split of all of this Companys outstanding common stock, without any change in par value for the shares of common stock of this Company. The stock split did not include a change in the authorized capital of the Company. On April 23, 2012, a Certificate of Amendment to its Articles of Incorporation was filed with the State of Nevada changing the name to Bravo Enterprises Ltd., effective June 1, 2012.  As advised on May 9, 2012, the Companys CUSIP Number changed from 68618Y 10 6 to 10567L 10 7. On June 8, 2012, the Company began to trade as Bravo Enterprises Ltd. under the same trading symbol being OGNG. Pre-split the total shares outstanding was 61,796,467 and post-split the total shares outstanding was 3,089,823.   (1) 2012 Stock Transactions- During the nine months ended September30, 2012:   The Company issued 4,500,000 restricted common shares valued at $99,450 pursuant to deferred compensation agreements. (See Note 6)   (2) 2011 Stock Transactions - During the nine months ended September 30, 2011:   The Company issued 1,250 restricted common shares valued at $125 to a new director for his services.   The Company issued 325,000 restricted common shares valued at $97,500 pursuant to deferred compensation agreements. (See Note 6)   The Company issued a total of 117,250 common shares pursuant to the exercise of options under the Companys 2009 Stock Incentive and Option Plan. 82,500 shares were issued at $0.02 per share to satisfy debt to related parties in the amount of $33,000 and 34,750 shares were issued at $0.01 per share for consulting services.   The Company issued 270,000 common shares pursuant to the Companys 2011 Stock Incentive and Option Plan with a value of $64,800 for satisfaction of debt to related parties.   (3) 2012 Stock Options   The Companys stock option activity is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">       Number of options</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">     Weighted Average Exercise Price</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Remaining Contractual Life (in years)</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%">Balance, December 31, 2007</td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted during 2008</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">20,965</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">2.20</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised during 2008</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(20,965</td> <td nowrap="nowrap">)</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2.20</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance, December 31, 2008</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Granted during the period</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">424,900</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Exercised during the period</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">(424,900</td> <td nowrap="nowrap">)</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Balance, December 31, 2009</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted during 2010</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">468,051</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised during 2010</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(468,051</td> <td nowrap="nowrap">)</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance, December 31, 2010</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Granted during the period</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">387,250</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Exercised during the period</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">(387,250</td> <td nowrap="nowrap">)</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Balance, December 31, 2011</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted during the period</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised during the period</td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance, September 30, 2012</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td></tr> </table>   (4) 2011 Stock Options   The Companys stock option activity is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">Number of options</td> <td nowrap="nowrap" style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td> <td nowrap="nowrap" style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Remaining Contractual Life (in years)</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%">Balance, December 31, 2007</td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted during 2008</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">20,965</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">2.20</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">5.00</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised during 2008</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(20,965</td> <td nowrap="nowrap">)</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2.20</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance, December 31, 2008</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Granted during the period</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">424,900</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Exercised during the period</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(424,900</td> <td nowrap="nowrap">)</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Balance, December 31, 2009</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted during 2010</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">468,051</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Exercised during 2010</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">(468,051</td> <td nowrap="nowrap">)</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance, December 31, 2010</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">-</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Granted during the period</td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">387,250</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Exercised during the period</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(387,250</td> <td nowrap="nowrap">)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">0.20</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance, September 30, 2011</td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td nowrap="nowrap"> </td></tr> </table>   On June 30, 2011 the Company filed Registration Statements on Form S-8 to register 490,000 to be issue pursuant to the Companys 2011 Stock. Incentive and Option Plan. 270,000 shares have been granted and exercised under the June 2011 Stock Option Plan.

During the nine months ended September 30, 2012, the Company incurred $3,000 (2011 -$3,125) in management fees to directors.   During the nine months ended September 30, 2012 the Company incurred $24,769 (2011 - $23,891) in rent and office expenses to a private company controlled by a shareholder.   During the nine months ended September 30, 2012, companies controlled by significant shareholders earned $22,271 (2011 - $27,314) pursuant to the expired portion of deferred compensation agreements (see Note 5).   The following amounts are due to related parties at:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> September 30, 2012</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> December 31, 2011</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%">Significant shareholders</td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">150,217</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 9%; border-bottom: black 1.5pt solid; text-align: right">79,071</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6"> Nine months ended September 30,</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2012</td> <td nowrap="nowrap" style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center">2011</td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td>Cash paid during the period for:</td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2"> </td> <td nowrap="nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; text-indent: 0.5in">Interest</td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">-</td> <td nowrap="nowrap" style="width: 1%"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">-</td> <td nowrap="nowrap" style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.5in">Income taxes</td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td> <td style="text-align: right"> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td nowrap="nowrap"> </td></tr> </table>   The Company paid no cash for interest and income taxes for the six months ended June 30, 2012 and 2011.

As of September 30, 2012, the Company had net operating loss carryforwards of approximately $25,000,000 that may be available to reduce future years' taxable income and will expire between the years 2013 - 2032.  Availability of tax losses is subject to change of ownership limitations under Internal Revenue Code 382.  Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carryforwards.

On February 21, 2002, the Company issued 17,500 post-reverse split shares valued at $119,000 to Empire Sterling Corporation for services to be rendered with respect to the acquisition of ACGT Corporation (ACGT). The shares were to be held in trust and not sold until all necessary financing was in place to complete the ACGT acquisition. Empire Sterling Corporation breached the trust agreement and the Company placed a stop transfer on these shares and requested they be returned to the Company. Empire Sterling Corporation failed to return the share certificate and as such, the Company commenced court proceedings against the principals of Empire Sterling Corporation. The Company argued for an interim injunction against all parties and was successful. On May 9, 2002, the Court ordered Empire Sterling Corporation to deposit the shares with the Court pending judicial disposition.  The Company continued to file legal process claiming ownership of the shares and breach of trust inter alia. The Company was successful and has now applied to have the share certificates released and subsequently cancelled. As of September 30, 2012, the Company is still in the process of having the certificates released.   In February, 2008, the Company received a demand notice from CGG Veritas for failure to pay an outstanding balance of $317,380 pursuant to a Master Agreement and Job Supplement for the Shotgun Draw 2D Seismic Program in Utah. In accordance with Section 15.3 of the Master Agreement and Job Supplement dated March 21, 2007, CGG has demanded payment by April 25, 2008. If CGG Veritas is forced to proceed with litigation of this matter, it will seek reimbursement of its attorneys fees and expenses related to the litigation. The Company is currently examining various alternatives to resolve this matter. CGG Veritas has not proceeded with litigation as of September 30, 2012.   As of August 1, 2010, the Company has leased 1250 sq. ft of office space from Holm Investments Ltd. at $2,500 per month for a period of 3 years.

P5Y

The Companys stock option activity is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: justify">Number of options</td> <td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: justify"> </td> <td style="line-height: 115%; font-weight: bold; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: justify">Weighted Average Exercise Price</td> <td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: justify"> </td> <td style="line-height: 115%; font-weight: bold; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Remaining Contractual Life (in years)</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%; line-height: 115%; text-align: justify">Balance, December 31, 2007</td> <td style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Granted during 2008</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">20,965</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">2.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">5.00</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Exercised during 2008</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">(20,965</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify">)</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">2.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Balance, December 31, 2008</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Granted during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">424,900</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Exercised during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">(424,900</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify">)</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Balance, December 31, 2009</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Granted during 2010</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">468,051</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Exercised during 2010</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">(468,051</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify">)</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Balance, December 31, 2010</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Granted during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">387,250</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Exercised during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">(387,250</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify">)</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Balance, September 30, 2011</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> </table>

The Companys stock option activity is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; font-weight: bold; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">       Number of options</td> <td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: justify"> </td> <td style="line-height: 115%; font-weight: bold; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid">     Weighted Average Exercise Price</td> <td nowrap="nowrap" style="line-height: 115%; font-weight: bold; text-align: justify"> </td> <td style="line-height: 115%; font-weight: bold; text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Remaining Contractual Life (in years)</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%; line-height: 115%; text-align: justify">Balance, December 31, 2007</td> <td style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; line-height: 115%; text-align: justify"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="width: 9%; border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="width: 1%; line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Granted during 2008</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">20,965</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">2.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Exercised during 2008</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">(20,965</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify">)</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">2.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Balance, December 31, 2008</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Granted during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">424,900</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Exercised during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">(424,900</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify">)</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Balance, December 31, 2009</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Granted during 2010</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">468,051</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Exercised during 2010</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">(468,051</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify">)</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Balance, December 31, 2010</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Granted during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">387,250</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Exercised during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">(387,250</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify">)</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">0.20</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Balance, December 31, 2011</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Granted during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%; text-align: justify">Exercised during the period</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%; text-align: justify">Balance, September 30, 2012</td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td> <td style="line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: justify">-</td> <td nowrap="nowrap" style="line-height: 115%; text-align: justify"> </td></tr> </table>

The financial statements have been prepared on the basis of a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  The Company has not generated any revenues or completed development of any commercially acceptable products or services to date and has incurred losses of $20,564,144 since January 1, 1996 to September 30, 2012, and further significant losses are expected to be incurred in the exploration and development of its resource properties, should the company be able to finance or joint venture its resource property. Losses are expected in the development of the vertical hydroponic farming project as well. The Company will depend almost exclusively on outside capital through the issuance of common shares to finance ongoing operating losses and to fund the acquisition, exploration and development of its resource properties.  The ability of the Company to continue as a going concern is dependent on raising additional capital and ultimately on generating future profitable operations.  There can be no assurance that the Company will be able to raise the necessary funds when needed to finance its ongoing costs.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  The accompanying financial statements do not include any adjustments relative to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.   In April, 2012, a majority of the shareholders entitled to vote on such matters approved a change of name from Organa Gardens International Inc. to Bravo Enterprises Ltd. and a one-for-twenty (1:20) stock split of all of this Companys outstanding common stock, without any change in par value for the shares of common stock of this Company. The stock split did not include a change in the authorized capital of the Company. On April 23, 2012, a Certificate of Amendment to its Articles of Incorporation was filed with the State of Nevada changing the name to Bravo Enterprises Ltd., effective June 1, 2012.  As advised on May 9, 2012, the Companys CUSIP Number changed from 68618Y 10 6 to 10567L 10 7. On June 8, 2012, the Company began to trade as Bravo Enterprises Ltd. under the same trading symbol being OGNG. Pre-split the total shares outstanding was 61,796,467 and post-split thfe total shares outstanding was 3,089,823.

The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement.

There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on our financial statements.   The Company adopted certain amendments to Accounting Standards Codification (ASC) 820, Fair Value Measurements, effective January 1, 2012. These amendments include a consistent definition of fair value, enhanced disclosure requirements for Level 3 fair value adjustments and other changes to required disclosures. Their adoption did not have a material impact on the Companys consolidated financial statements.   The Company adopted the amendments to ASC 220, Comprehensive Income, effective January 1, 2012. The amendments pertained to presentation and disclosure only.   The Company adopted the amendments to ASC 350, Intangibles-Goodwill and Others, effective January 1, 2012. The amended guidance allows us to do an initial qualitative assessment of relevant events and circumstances to determine if fair value of a reporting unit is more likely than not to be less than its carrying value, prior to performing the two-step quantitative goodwill impairment test. The adoption of these amendments did not have a material impact on the Companys consolidated financial statements.

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Write-down of securities - Terralene Fuels Corporation Write-down of interest in ACGT Corporation Write-down of interest in oil and gas properties Loss on Iceberg Drive Inn investment TOTAL OTHER (INCOME) EXPENSES Loss before income taxes Income tax provision NET LOSS FOR THE PERIOD BASIC NET LOSS PER SHARE WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Statement of Cash Flows [Abstract] Net loss for the year Adjustments to reconcile net loss to net cash from operating activities: - fees and services paid for with common shares - non cash research and development - other stock based compensation - interest paid for with common shares - loss on settlement of debt - software development costs paid for with common shares - non cash exploration costs - write-down of interest in oil and gas properties - write-down of equities in Legacy Wine & Spirits - write-down of equities in Terralene Fuels Corporation - write-down of interest in ACGT Corporation - loss on Iceberg Drive Inn investment - (Gain)/loss on sale of securities held for resale - related parties - non cash option income received in shares - interest accrued on promissory notes receivable - other non-cash expenses - net changes in working capital items CASH FLOWS USED IN OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Interest received on promissory notes receivable Investment in Iceberg Acquisition Corporation Proceeds from sale of securities - related party Interest in oil and gas properties - net of finders fees CASH FLOWS USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Net proceeds on sale of common stock Net advances (to) from related parties Advances receivable CASH FLOWS PROVIDED BY FINANCING ACTIVITIES INCREASE (DECREASE) IN CASH CASH, BEGINNING OF YEAR CASH, END OF YEAR Statements Of Other Comprehensive Loss NET LOSS Unrealized gains on marketable securities - related parties TOTAL OTHER COMPREHENSIVE INCOME (LOSS), net of tax COMPREHENSIVE LOSS Notes to Financial Statements NOTE 1 - NATURE OF OPERATIONS Accounting Policies [Abstract] NOTE 2 - BASIS OF PRESENTATION NOTE 3- AVAILABLE FOR SALE SECURITIES - RELATED PARTIES NOTE 4 - ACQUISITION NOTE 5 - DEFERRED COMPENSATION NOTE 6 - STOCKHOLDERS'EQUITY NOTE 7 - RELATED PARTY TRANSACTIONS NOTE 8 - SUPPLEMENTAL CASH FLOW INFORMATION NOTE 9 - INCOME TAXES NOTE 10- COMMITMENTS AND CONTINGENCIES Going Concern Stock-Based Compensation Recent Accounting Pronouncements Available for sale securities Statement [Table] Statement [Line Items] Stock option activity Amounts are due to related parties SUPPLEMENTAL CASH FLOW INFORMATION Entity incorporation date Entity incorporation state Losses on revenue of product and services Class of Stock [Axis] Available for sale securities Related Party [Axis] Other comprehensive income unrealized gains or losses Common stock sold Realized gains and losses on selling of shares Shares available for sale at carrying value Invesment write off Outstanding debt receivable Restricted shares issued Restricted shares value Interest rates on debt Additional unrealized gain or losses on selling of shares Research and development costs Advanced prepaid expenses Writtenoff prepaid expenses Restricted shares issued for agreement Description of Restricted shares issued Scenario [Axis] Amortization cost for deferred compensation EX-101.PRE 11 ogng-20120930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R33.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details Narrative) (USD $)	Sep. 30, 2012
Notes to Financial Statements
Net operating loss carryforwards	$ 25,000,000

- Definition

Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.

+ References+ Details

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ACQUISITION (Details Narrative) (USD $)	9 Months Ended	12 Months Ended
ACQUISITION (Details Narrative) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Research and development costs	$ 0	$ 0
Description of Restricted shares issued	Upon completion of the due diligence process, the Company will issue a structured release of 3,000,000 post-reverse split restricted shares to be transferred under the Agreement. The structure shall be as follows: upon execution of the Agreement, 1,500,000 post-reverse split shares shall be issued immediately thereafter, an additional 750,000 post-reverse split shares shall be issued 120 days following the execution date and the balance of 750,000 post-reverse split shares shall be issued 240 days following the execution date. The Company is required to provide $250,000 in funding to IGT over a period of one year. As a result of the due diligence process, the Company is not proceeding with this acquisition due to complications with the current patent filed by IGT. Should IGT move forward and correct the deficiencies with the patent, the Company will re-consider the project.
IGTMember
Advanced prepaid expenses		8,000
Writtenoff prepaid expenses		$ 8,000
Restricted shares issued for agreement		3.000000

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AVAILABLE FOR SALE SECURITIES - RELATED PARTIES

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

NOTE 3- AVAILABLE FOR SALE SECURITIES - RELATED PARTIES

Terralene Fuels

Legacy

Effective December 31, 2007, the Company recorded, as other comprehensive income for the year, a $604,440 unrealized gain in the carrying value of its shares of Legacy.

2011, the Company recorded a $51,469 write-down of its investment in Legacy due to another-than-temporary decline in the value of the shares.

Available for sale securities – related parties include the following:

	September		December
	30, 2012		31, 2011

3,676,335 (2011-3,676,335) shares of Legacy Wine & Spirits	$	4,044	$	5,882
98,612 (2011- 98,612) shares of Terralene Fuels Corporation		118		237

	$	4,162	$	6,119

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STOCKHOLDERS'EQUITY (Details Narrative) (USD $)	9 Months Ended
STOCKHOLDERS'EQUITY (Details Narrative) (USD $)	Sep. 30, 2012 Stock Options 2012 [Member]	Sep. 30, 2011 Stock Options 2011 [Member]	Sep. 30, 2011 Stock Options 2011 [Member] Director [Member]	Sep. 30, 2011 2009 Stock Incentive and Option Plan [Member]	Sep. 30, 2011 2009 Stock Incentive and Option Plan [Member] Consulting Services [Member]	Sep. 30, 2011 2009 Stock Incentive and Option Plan [Member] Related Party [Member]
Restricted common shares issued	4,500,000	325,000	25,000
Restricted common shares value	$ 99,450	$ 97,500	$ 125
Common shares issued		270,000		117,250	34,750	82,500
Common shares issued value		$ 64,800				$ 33,000
Common shares exercise price					$ 0.01	$ 0.02

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Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.

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- Definition

Aggregate value of stock related to Restricted Stock Awards issued during the period.

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STOCKHOLDERS EQUITY (Details1) (Stock Options 2011 [Member], USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Stock Options 2011 [Member]
Option outstanding, Beginnng
Option granted	387,250	468,051	424,900	20,965
Option exercised	(387,250)	(468,051)	(424,900)	(20,965)
Option outstanding, Ending
Option outstanding weighted average exercise price, Beginnng
Option granted weighted average exercise price	$ 0.20	$ 0.20	$ 0.20	$ 2.20
Option exercised weighted average exercise price	$ 0.20	$ 0.20	$ 0.20	$ 2.20
Option outstanding weighted average exercise price, Ending
Option granted weighted average remaining contractual life (in years)				5 years

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Number of share options (or share units) exercised during the current period.

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RELATED PARTY TRANSACTIONS (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011 Significant Shareholders [Member]
Amount due to significant shareholders	$ 150,217	$ 79,071

- Definition

Amounts due to recorded owners or owners with a beneficial interest of more than 10 percent of the voting interests or officers of the company.

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RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	9 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Directors [Member]
Management fees	$ 3,000	$ 3,125
Shareholder [Member]
Rent and office expenses	24,769	23,891
Deferred compensation	$ 22,271	$ 27,314

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BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

NOTE 2 - BASIS OF PRESENTATION

Operating results for the nine month period ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

Stock-Based Compensation

Recent Accounting Pronouncements

There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on our financial statements.

The Company adopted the amendments to ASC 220, “Comprehensive Income,” effective January 1, 2012. The amendments pertained to presentation and disclosure only.

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SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)	9 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
Interest
Income taxes

- Definition

The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.

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The amount of cash paid for interest during the period net of cash paid for interest that is capitalized.

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BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash	$ 1,202	$ 90
Taxes recoverable	2,952	2,122
TOTAL CURRENT ASSETS	4,154	2,212
AVAILABLE FOR SALE SECURITIES - related parties	4,162	6,119
TOTAL ASSETS	8,316	8,331
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Accounts payable and accrued liabilities	482,088	483,634
Due to related parties	150,217	79,071
TOTAL CURRENT LIABILITIES	632,305	562,705
STOCKHOLDERS' (DEFICIT)
Convertible Preferred:- Class A voting stock, $0.001 par value, 5,000,000 shares authorized
Convertible Preferred:- Class B voting stock, $0.001 par value, 5,000,000 shares authorized
Common stock, $0.001 par value, 200,000,000 shares authorized 7,553,530 (December 31, 2011 - 3,053,524) shares issued and outstanding	7,553	3,053
Additional paid-in capital	24,494,596	24,399,646
Deferred compensation	(104,392)	(62,590)
Deficit accumulated during the development stage	(20,564,144)	(20,438,839)
Deficit accumulated prior to the development stage	(4,460,633)	(4,460,633)
Accumulated other comprehensive income	3,031	4,989
TOTAL STOCKHOLDERS' (DEFICIT)	(623,989)	(554,374)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)	$ 8,316	$ 8,331

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STATEMENTS OF OTHER COMPREHENSIVE LOSS (USD $)	3 Months Ended		9 Months Ended		201 Months Ended
STATEMENTS OF OTHER COMPREHENSIVE LOSS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Statements Of Other Comprehensive Loss
NET LOSS	$ (45,453)	$ (40,186)	$ (125,305)	$ (90,649)	$ (20,564,144)
Unrealized gains on marketable securities - related parties	(397)	(37,992)	(1,957)	(44,979)	3,031
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), net of tax	(397)	(37,992)	(1,957)	(44,979)	3,031
COMPREHENSIVE LOSS	$ (45,850)	$ (78,178)	$ (127,262)	$ (135,628)	$ (20,561,113)

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Section 03

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NATURE OF OPERATIONS (Details Narrative) (USD $)	9 Months Ended
NATURE OF OPERATIONS (Details Narrative) (USD $)	Sep. 30, 2012
Notes to Financial Statements
Entity incorporation date	Nov. 29, 1983
Entity incorporation state	State of Nevada
Losses on revenue of product and services	$ 20,564,144

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AVAILABLE FOR SALE SECURITIES - RELATED PARTIES (Details Narrative) (USD $)	9 Months Ended	12 Months Ended								9 Months Ended	12 Months Ended
	Sep. 30, 2012 Terralene Fuels [Member]	Dec. 31, 2011 Terralene Fuels [Member]	Dec. 31, 2010 Terralene Fuels [Member]	Dec. 31, 2009 Terralene Fuels [Member]	Dec. 31, 2008 Terralene Fuels [Member]	Dec. 31, 2007 Terralene Fuels [Member]	Dec. 31, 2006 Terralene Fuels [Member]	Dec. 31, 2005 Terralene Fuels [Member]	Dec. 31, 2004 Terralene Fuels [Member]	Sep. 30, 2012 Legacy [Member]	Dec. 31, 2011 Legacy [Member]	Dec. 31, 2010 Legacy [Member]	Dec. 31, 2009 Legacy [Member]	Dec. 31, 2008 Legacy [Member]	Dec. 31, 2007 Legacy [Member]	Dec. 31, 2003 Legacy [Member]
Other comprehensive income unrealized gains or losses	$ (119)	$ 2,623	$ 11,774	$ (1,232)		$ (473)	$ (8,889)	$ (90,000)	$ (10,000)		$ 52,939				$ 604,440
Common stock sold					10,000	2,500							30,985	150,000
Realized gains and losses on selling of shares					800	165						35,021	2,987	26,100
Shares available for sale at carrying value	118	237	2,860	3,945	2,712					4,044	5,882	58,822	62,934	885,502
Invesment write off		2,909	12,859								51,469	78,823
Outstanding debt receivable																122,988
Restricted shares issued												2,627,440				1,229,880
Restricted shares value												131,372
Interest rates on debt																9.80%
Additional unrealized gain or losses on selling of shares					$ (15,026)					$ (1,838)			$ 797,161	$ 270,562

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9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

NOTE 1 - NATURE OF OPERATIONS

GOING CONCERN

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BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2012	Dec. 31, 2011
STOCKHOLDERS' (DEFICIT)
Convertible preferred stock: Class A voting stock, par value	$ 0.001	$ 0.001
Convertible preferred stock: Class A voting stock, authorized	5,000,000	5,000,000
Convertible preferred stock: Class B voting stock, par value	$ 0.001	$ 0.001
Convertible preferred stock: Class B voting stock, authorized	5,000,000	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, Authorized	200,000,000	200,000,000
Common stock, Issued	7,553,530	3,053,524
Common stock, outstanding	7,553,530	3,053,524

- Definition

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BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2012
Accounting Policies [Abstract]
Going Concern	The financial statements have been prepared on the basis of a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated any revenues or completed development of any commercially acceptable products or services to date and has incurred losses of $20,564,144 since January 1, 1996 to September 30, 2012, and further significant losses are expected to be incurred in the exploration and development of its resource properties, should the company be able to finance or joint venture its resource property. Losses are expected in the development of the vertical hydroponic farming project as well. The Company will depend almost exclusively on outside capital through the issuance of common shares to finance ongoing operating losses and to fund the acquisition, exploration and development of its resource properties. The ability of the Company to continue as a going concern is dependent on raising additional capital and ultimately on generating future profitable operations. There can be no assurance that the Company will be able to raise the necessary funds when needed to finance its ongoing costs. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The accompanying financial statements do not include any adjustments relative to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty. In April, 2012, a majority of the shareholders entitled to vote on such matters approved a change of name from Organa Gardens International Inc. to “Bravo Enterprises Ltd.” and a one-for-twenty (1:20) stock split of all of this Company’s outstanding common stock, without any change in par value for the shares of common stock of this Company. The stock split did not include a change in the authorized capital of the Company. On April 23, 2012, a Certificate of Amendment to its Articles of Incorporation was filed with the State of Nevada changing the name to Bravo Enterprises Ltd., effective June 1, 2012. As advised on May 9, 2012, the Company’s CUSIP Number changed from 68618Y 10 6 to 10567L 10 7. On June 8, 2012, the Company began to trade as Bravo Enterprises Ltd. under the same trading symbol being “OGNG”. Pre-split the total shares outstanding was 61,796,467 and post-split thfe total shares outstanding was 3,089,823.
Stock-Based Compensation	The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement.
Recent Accounting Pronouncements	There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on our financial statements. The Company adopted certain amendments to Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements,” effective January 1, 2012. These amendments include a consistent definition of fair value, enhanced disclosure requirements for “Level 3” fair value adjustments and other changes to required disclosures. Their adoption did not have a material impact on the Company’s consolidated financial statements. The Company adopted the amendments to ASC 220, “Comprehensive Income,” effective January 1, 2012. The amendments pertained to presentation and disclosure only. The Company adopted the amendments to ASC 350, “Intangibles-Goodwill and Others,” effective January 1, 2012. The amended guidance allows us to do an initial qualitative assessment of relevant events and circumstances to determine if fair value of a reporting unit is more likely than not to be less than its carrying value, prior to performing the two-step quantitative goodwill impairment test. The adoption of these amendments did not have a material impact on the Company’s consolidated financial statements.

Document and Entity Information (USD $)	9 Months Ended
Document and Entity Information (USD $)	Sep. 30, 2012	Nov. 15, 2012
Document And Entity Information
Entity Registrant Name	ORGANA GARDENS INTERNATIONAL
Entity Central Index Key	0000746631
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 7,553
Entity Common Stock, Shares Outstanding		7,553,524
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		201 Months Ended
STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
GENERAL AND ADMINISTRATIVE EXPENSES
Litigation settlement					$ 2,291,070
Management and consulting fees	11,681	16,074	43,521	20,272	4,949,139
Consulting fees - stock based compensation					1,919,869
Exploration costs					113,678
Loss on settlement of debt					718,784
General and administrative	23,875	19,228	61,317	56,113	2,903,399
Professional fees	9,897	4,884	20,467	14,264	1,200,064
Interest expense					98,282
Research and development costs					285,231
Software development costs					737,300
TOTAL GENERAL & ADMINISTRATIVE EXPENSES	45,453	40,186	125,305	90,649	15,216,816
OTHER (INCOME) EXPENSES
Interest, royalty and other income					(82,138)
(Gain)/loss on sale of securities - related party					(21,541)
Property Option Income					(130,000)
Write-down of securities - Legacy Wine & Spirits International Ltd.					258,580
Write-down of securities - Terralene Fuels Corporation					15,768
Write-down of interest in ACGT Corporation					1,406,000
Write-down of interest in oil and gas properties					3,815,659
Loss on Iceberg Drive Inn investment					85,000
TOTAL OTHER (INCOME) EXPENSES	(45,453)	(40,186)	(125,305)	(90,649)	5,347,328
Loss before income taxes					(20,518,691)
Income tax provision
NET LOSS FOR THE PERIOD	$ (45,453)	$ (40,186)	$ (125,305)	$ (90,649)	$ (20,564,144)
BASIC NET LOSS PER SHARE	$ (0.02)	$ (0.02)	$ (0.04)	$ (0.07)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	3,844,739	1,592,242	3,317,266	1,407,247

AVAILABLE FOR SALE SECURITIES - RELATED PARTIES (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Available for sale securities	$ 4,162	$ 6,119
Shares of Legacy Wine & Spirits [Member]
Available for sale securities	4,044	5,882
Shares of Terralene Fuels Corporation [Member]
Available for sale securities	$ 118	$ 237

DEFERRED COMPENSATION (Details Narrative) (USD $)	9 Months Ended
DEFERRED COMPENSATION (Details Narrative) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Amortization cost for deferred compensation	$ 57,648	$ 27,314
Unamortized portion of deferred compensation	$ 104,392		$ 62,590

STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		201 Months Ended
STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Statement of Cash Flows [Abstract]
Net loss for the year	$ (125,305)	$ (90,649)	$ (20,564,144)
Adjustments to reconcile net loss to net cash from operating activities:
- fees and services paid for with common shares	57,648	30,589	3,549,286
- non cash research and development			105,000
- other stock based compensation			1,919,468
- interest paid for with common shares			80,872
- loss on settlement of debt			718,784
- software development costs paid for with common shares			600,000
- non cash exploration costs			110,000
- write-down of interest in oil and gas properties			2,970,722
- write-down of equities in Legacy Wine & Spirits			258,580
- write-down of equities in Terralene Fuels Corporation			15,768
- write-down of interest in ACGT Corporation			2,250,937
- loss on Iceberg Drive Inn investment			85,000
- (Gain)/loss on sale of securities held for resale - related parties			(21,816)
- non cash option income received in shares			(130,000)
- interest accrued on promissory notes receivable			(63,136)
- other non-cash expenses			2,557,382
- net changes in working capital items	(419)	(14,492)	324,835
CASH FLOWS USED IN OPERATING ACTIVITIES	(68,076)	(74,552)	(5,232,462)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received on promissory notes receivable			63,136
Investment in Iceberg Acquisition Corporation			(120,000)
Proceeds from sale of securities - related party			136,790
Interest in oil and gas properties - net of finders fees			(1,522,804)
CASH FLOWS USED IN INVESTING ACTIVITIES			(1,442,878)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds on sale of common stock			5,098,325
Net advances (to) from related parties	69,188	74,809	1,158,217
Advances receivable			420,000
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	69,188	74,809	6,676,542
INCREASE (DECREASE) IN CASH	1,112	257	1,202
CASH, BEGINNING OF YEAR	90	50
CASH, END OF YEAR	$ 1,202	$ 307	$ 1,202