v2.4.0.6

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended		6 Months Ended		20 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Revenues	$ 0	$ 0	$ 0	$ 0	$ 0
General and administrative expenses	(117,993)	(275,448)	(690,952)	(696,239)	(1,277,457)
LOSS FROM OPERATIONS	(117,993)	(275,448)	(690,952)	(696,239)	(1,277,457)
Other Income (Expense):
Interest income	0	0	0	0	129
Gain (loss) on derivative liability	64,626	86,669	(59,858)	(59,858)	78,573
Total other income (expense)	64,626	86,669	(59,858)	(59,858)	78,702
LOSS BEFORE TAXES	(53,367)	(188,779)	(750,810)	(756,097)	(1,198,755)
Income tax expense	0	0	0	0	1,100
NET LOSS	(53,367)	(188,779)	(750,810)	(756,097)	(1,199,855)
Net loss attributable to non-controlling interests	0	0	0	0	2,036
Net loss attributable to Farm Lands of Africa	(53,367)	(188,779)	(750,810)	(756,097)	(1,197,819)
Comprehensive income (loss):
Comprehensive loss attributable to Farm Lands of Africa	(53,367)	(188,779)	(750,810)	(756,097)	(1,197,819)
Comprehensive loss attributable to non-controlling interests	0	0	0	0	(2,036)
Unrealized gain (loss) on current asset investments	332,954	297,187	0	0	167,251
Comprehensive income (loss)	$ 279,587	$ 108,408	$ (750,810)	$ (756,097)	$ (1,032,604)
Basic and diluted earnings (loss) per share	$ (0.01)	$ (0.02)	$ (0.09)	$ (0.10)
Weighted average common shares outstanding: Basic and diluted	9,208,355	9,208,355	8,200,000	7,355,000

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

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The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS.

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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.

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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 noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

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The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The difference between the book value and the sale price of options, swaps, futures, forward contracts, and other derivative instruments. This element refers to the gain (loss) included in earnings.

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The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.

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This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.

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The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

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Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.

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The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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