Organization and Operations, Going Concern and Bankruptcy

12 Months Ended

Dec. 31, 2011

Organization and Operations, Going Concern and Bankruptcy [Abstract]

Organization and Operations, Going Concern and Bankruptcy

Note 1 – Organization and Operations and Going Concern

A.	Organization and Operations

Marine Growth Ventures, Inc. (“MGV”) was formed and incorporated in the state of Delaware on November 6, 2003. MGV was a holding company that conducted its operations primarily through its wholly-owned subsidiaries. MGV, Marine Growth Finance & Charter, Inc., Inc., Sophlex Ship Management, Inc.(“Sophlex”), Marine Growth Freight, Inc., Marine Aggregates, Inc., Commerical Management, Inc., Ship Timeshare Management, Inc., Marine Growth Canada, Ltd., and Fractional Marine, Inc., are referred to collectively herein as the “Company”.

The Company had no significant business operations until its acquisition of Sophlex on September 1, 2004. Sophlex, which was founded in 1999, provided ship crewing and management services to vessel owners and operators in the United States and abroad. The founder and the sole shareholder of Sophlex at the time of the acquisition is a current director of the Company. At the time acquisition both companies were private entities.

During the twelve months ended December 31, 2010, the Company discontinued all marine operations with the loss of the remaining vessel and is currently pursuing other business opportunities inside and outside the shipping industry. During the three months ended December 31, 2011, the Company renamed Gulf Cruise Casinos, Inc. to Commercial Management, Inc. This entity has been pursuing business opportunities outside the shipping industry. In the fourth quarter of 2011, the entity was engaged in commercial real estate management and construction management.

B.	Going Concern

Since its inception, the Company has been dependent upon the proceeds of loans from its stockholders and the receipt of capital investments to fund its continuing activities. The Company has incurred operating losses since its inception. The Company expects to incur significant increasing operating losses over the next several years until we can maintain a consistent revenue stream. There is no assurance that the Company’s developmental and marketing efforts will be successful. The Company will continue to require the infusion of capital or loans until operations become profitable. There can be no assurance that the Company will ever achieve any revenues or profitable operations from the sale of its proposed products. The Company is seeking additional capital at this time. During the twelve months ended December 31, 2011, the Company had net income of $195,415 and cash flow from operations of $221,796 and as of December 31, 2011, the Company had a working capital deficiency of $1,465,620 and a stockholders’ deficiency of $1,815,501. As a result of the above, the accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

C. Bankruptcy of Marine Growth Canada, Ltd., a wholly owned subsidiary of Marine Growth Ventures, Inc.

On July 2, 2009, the Supreme Court of the British Columbia in Bankruptcy declared Marine Growth Canada, Ltd (“MGC”) bankrupt under the laws of British Columbia. The court appointed a Trustee to manage the affairs and property of Marine Growth Canada, Ltd. This case ended, and the assets and liabilities of MGC have been written off accordingly in the year ended December 31, 2011.

MARINE GROWTH VENTURES INC 10-K