Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows (used in) provided by operating activities:
Net income	$ 739,083	$ 103,361
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Amortization	10,998	10,946
Shares issued for services	9,500	10,000
Shares issued for related party management fees	50,000
Debt discount accretion	1,040,282	639,365
Derivative liability income	(2,344,222)	(1,308,242)
Directors fees used to satisfy notes receivable	96,000	48,000
Gain on debt settlement - JMJ	(156,022)
Gain on debt forgiveness from related parties		(241,649)
Accrued interest income on stock subscription receivable	(8,474)	12,000
Accrued interest expense on convertible debt obligation	8,581	(11,911)
Related party notes receivable - accrued interest	(54,703)	(32,157)
Decrease (increase) in assets:
Prepaid expenses	124,138	(7,016)
Due from affiliates		313,321
Deposits		(598)
Increase (decrease) in liabilities:
Accounts payable	65,629	(6,942)
Accrued liabilities	100,360	(40,246)
Due to affiliate	182,375	457,055
Accrued management fees - related party	120,000
Convertible related party debt obligations		98,976
Cash (used in) provided by operating activities	(16,475)	44,263
Cash flows used in investing activities:
Purchase of software and improvements		(4,935)
Cash provided by (used in) investing activities		(4,935)
Cash flows used in financing activities:
Bank overdraft		19,485
Proceeds from JMJ financing agreement	75,000
Payments made on financing agreement	(60,017)	(63,897)
Payments made on note payable		(13,945)
Proceeds from loan payable - related party	1,000
Payments made on insurance note payable	(1,081)
Cash provided by (used in) financing activities	14,902	(58,357)
Net decrease in cash	(1,573)	(19,029)
Cash and cash equivalents at beginning of period	8,056	19,029
Cash and cash equivalents at end of period	6,483
Cash paid during the fiscal years for:
Interest	55,427	57,157
Income taxes	5,721	800
Schedule of Non cash Financing Activities
Common stock used to satisfy related party convertible payable obligations	50,000	40,000
Common stock used to satisfy convertible debt obligations	423,734	198,300
Cancellation of 21,000,000 JMJ shares issued, at par value	(21,000)
Financed insurance contract note payable	3,874
Convertible related party notes payable issued for accrued director's fees	240,000
Related party notes payable issued for management fees	$ 480,000

Team Nation Holdings CORP 10-Q