SALE OF INTERCONTINENTAL FUELS, LLC (Tables)

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Liablities Assumed On Sale Of I F L Table [Text Block]

The Buyer agreed to assume the following liabilities in the transaction:

Description	Amount

Accounts payable	$	106,520
G J Capital judgment		437,154
Due to related party		1,500
Prepaid rent deposit		110,000
Total	$	655,175

Schedule Of Balance Sheet Unconsolidated Table [Text Block]

The February 7, 2012 IFL balance sheet (unconsolidated) is presented below:

	February 7, 2012
Assets
Cash	$	82,409
Fixed Assets net of depreciation		6,131
Total assets	$	88,540

Liabilities
Accounts payable	$	148,258
Accrued liabilities		76,215
Due to related party		1,500
Deferred gain on sale/leaseback		171,293
Due to G J Capital		437,155
Total liabilities		834,421

Equity
Additional paid-in-capital		1,870,100
Distributions		(663,476	)
Retained earnings		(2,069,189	)
Net income		116,684
Total equity		(745,881	)
Total liabilities and equity	$	88,540

Schedule Of Income Statement Table [Text Block]

IFL net income for the three months ended March 31, 2012 and 2011, reflected as discontinued operations on this quarter’s Statement of Operations is as follows:

	IFL			IFL
	Three months ended			Three months ended
	3/31/12			3/31/11
Revenues:
Terminal operations revenue	$	152,000		$	456,000

Operating expenses:
Terminal management		33,430			100,290
General and administrative		43,949			125,281
Legal and professional		8,762			27,248
Consulting fees		28,000			42,000
Depreciation expense		150			8,173
Total operating expenses		114,291			302,992

Operating income (expense)		37,709			153,008

Other income (expense)
Interest income		350			258
Interest expense		(741	)		(2,125	)
Gain from lawsuit/sale leaseback		32,607			97,820
Total other income and expense		32,216			95,953
					-
Net income	$	69,925		$	248,961

Net loss on sale		8,416			-

Total net income from discontinued operations	$	61,509		$	248,961

ADINO ENERGY CORP 10-Q/A