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EXCEL - IDEA: XBRL DOCUMENT - 11 GOOD ENERGY INCFinancial_Report.xls
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v2.3.0.11
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended 49 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Cash flows from operating activities:      
Net loss for the period $ (4,158,999) $ (4,131,080) $ (20,710,566)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 191,653 198,576 736,991
Amortization of debt discount 8,726   3,316,503
Stock-based compensation of services by a related party   1,493,840 2,024,840
Stock-based compensation of services to consultant     59,000
Fair value of options issued for services 1,911,895   2,112,100
Gain on sale of property and equipment     (1,200)
Realized loss on sale of securities available for sale 213,083   84,277
Changes in operating assets and liabilities:      
Inventory 154,790 (552,290) (443,713)
Accounts receivable 13,429 32,786 (38,372)
Other current assets (22,383) 114,703 110,653
Accounts payable and accrued liabilities 484,243 (110,476) 982,318
Net cash used in operating activities (1,203,563) (2,953,941) (11,767,169)
Cash flows from investing activities:      
Acquisition, net of cash acquired     (588,952)
Proceeds from sale of property and equipment     3,200
Purchase of property, plant and equipment   (138,623) (3,039,723)
Payments for acquisition of patent (7,207)   (65,479)
Proceeds from sale of securities available for sale 560,769   1,108,516
Purchase of securities available for sale   (259,691) (1,282,492)
Net cash provided by (used in) investing activities 553,562 (398,314) (3,864,930)
Cash flows from financing activities:      
Proceeds from sale of shares to founders     2,070
Due from related party (25,000)   (865,663)
Proceeds from note payable to related party 50,000   50,000
Proceeds from related party advance 132,641   132,641
Proceeds from common stock 225,000 805,846 10,478,069
Proceeds from issuance of convertible notes 250,000   8,289,323
Proceeds from related party note payable     25,000
Purchase of treasury stock   (122,500) (647,500)
Payments of related party note payable   (25,000) (25,000)
Payments of notes payable     (84,322)
Payments of convertible notes   (15,000) (1,710,000)
Net cash provided by financing activities 632,641 643,346 15,644,618
Net (decrease) increase in cash and cash equivalents (17,360) (2,708,909) 12,519
Cash and cash equivalents at beginning of period 29,879 4,869,749  
Cash and cash equivalents at end of period 12,519 2,160,840 12,519
Non cash financing activities:      
Common stock issued to acquire 11 Good’s Energy, LTD     429
Common stock issued in exchange for convertible note and accrued interest     20,970
Common stock subscribed for conversion of convertible notes     6,498,709
Treasury stock received in exchange for related party note receivable and accrued interest     $ 787,144