v2.4.0.6

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 877,681	$ 3,297,032
Accounts receivable	755,915	821,983
Inventories	2,920,506	3,161,397
Prepayments	1,128,942	525,179
Other receivables and other assets	1,042,113	890,844
Due from related parties	3,330,389	3,989,290
Total current assets	10,055,546	12,685,725
Vessels, net	93,518,419	94,634,999
Fixed assets, net	7,843	9,218
Deferred dry dock fees, net	3,636,613	4,080,703
Total long-term assets	97,162,875	98,724,920
TOTAL ASSETS	107,218,421	111,410,645
CURRENT LIABILITIES
Accounts payable	6,607,585	8,768,479
Current portion of long-term loans	5,689,730	5,923,066
Current portion of long-term notes payable, net of discount of $983,975 and $936,962 at March 31, 2012 and December 31, 2011, respectively	3,827,500	3,827,500
Advance from customers	684,544	578,952
Payroll payable	1,279,837	1,467,315
Payable to ship builder	1,900,000	1,900,000
Due to related parties	6,570,772	4,393,605
Other current and accrued liabilities	2,019,966	2,102,426
Total current liabilities	28,579,934	28,961,343
LONG-TERM LIABILITIES
Long-term loans	39,052,034	40,306,353
Long-term notes payable (including related parties), net of discount of $3,375,352 and $3,639,199 at March 31, 2012 and December 31, 2011, respectively	9,679,235	10,550,270
Payable to ship builder	3,696,491	3,696,491
Total long-term liabilities	52,427,760	54,553,114
TOTAL LIABILITIES	81,007,694	83,514,457
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, $0.001 per share; 20,000,000 shares authorized, 0 shares issued and outstanding
Common stock, $0.001 per share; 400,000,000 shares authorized, 195,000,000 shares issued and outstanding	195,000	195,000
Additional paid-in capital	1,595,276	1,595,276
Accumulated other comprehensive income	1,490	1,383
Retained earnings	24,418,961	26,104,529
Total Shareholders' Equity	26,210,727	27,896,188
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 107,218,421	$ 111,410,645

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Winland Ocean Shipping Corp 10-Q