| Delaware                                 |                 | 20-3148296          |
|------------------------------------------|----------------------|---------------------|
| (State of other jurisdiction of          |                 | (IRS Employer       |
| incorporation or organization            |                 | Identification No.) |
|                                     |                 |                |
| One Penn Plaza, Suite 1612, New York, NY | 10119                |
| (Address of principal executive offices) | (Zip Code)           |
|                                     |  (212) 994-5374 |                |
| (Registrant’s telephone number)    |

|                                                                                                                                                                         Page No. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Part I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |
| Item 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Business | 4 |
| Item 1A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Risk Factors | 7 |
| Item 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Description of Properties | 9 |
| Item 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Legal Proceedings | 9 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |
| Part II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |
| Item 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Market for Registrant’s Common Equity, Related Stockholder Matters |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | and Issuer Purchase of Equity Securities | 10 |
| Item 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Selected Financial Data |   |
| Item 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Management’s Discussion and Analysis | 10 |
| Item 7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Financial Statements and Supplementary Data    | 11 |
| Item 8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Changes and Disagreements with Accountants on Accounting and Financial Disclosure | 14 |
| Item 8A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Controls and Procedures | 33 |
| Item 8B                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Other Information | 33 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |
| Part III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |
| Item 9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Directors, Executive Officers and Corporate Governance | 34 |
| Item 10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Executive Compensation | 35 |
| Item 11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Security Ownership of Certain Beneficial Owners and Management and Related |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Stockholder Matters                                  | 36 |
| Item 12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Certain Relationships and Related Transactions and Director Independence | 36 |
| Item 13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Principal Accountant Fees and Services | 37 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |
| Part IV                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |
| Item 14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Exhibits and Financial Statement Schedules | 37 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |
| Signatures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |

| Ø   | the volatility and uncertainty of commodity prices;                                            |
|--------------------|------------------------------------------------------------------------------------------------|
| Ø   | the costs and business risks associated with developing new products and entering new markets; |

| Ø   | our ability to locate and integrate future acquisitions;                |
|--------------------|-------------------------------------------------------------------------|
| Ø   | the impact of new, emerging and competing technologies on our business; |

| Ø   | the possibility of one or more of the markets in which we compete being impacted by political, legal and regulatory changes or other external factors over which they have no control; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ø   | changes in or elimination of governmental laws, tariffs, trade or other controls or enforcement practices;                                                                             |

| Ø   | our reliance on key management personnel;                                                            |
|--------------------|------------------------------------------------------------------------------------------------------|
| Ø   | limitations and restrictions contained in the instruments and agreements governing our indebtedness; |

| Ø   | our ability to raise additional capital and secure additional financing;                                                                                                       |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ø   | our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended; and |

| Ø   | other risks referenced from time to time in our filings with the SEC and those factors listed in this Form 10k under Item 1A, Risks Factors. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 1 | BUSINESS |
|--------|----------|

| Ø  | Environmental Benefits. Ethanol, as an oxygenate, reduces tailpipe emissions when added to gasoline. The additional oxygen in the ethanol results in a more complete combustion of the fuel in the engine cylinder, resulting in reduced carbon monoxide and nitrogen oxide emissions. Prior federal programs that mandated the use of oxygenated gasoline in areas with high levels of air pollution spurred widespread use of ethanol in the United States. The use of ethanol as an oxygenate is driven, in part, by environmental regulations. The federal Clean Air Act requires the use of oxygenated gasoline during winter months in areas with unhealthy levels of carbon monoxide.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ø  | Blending Benefits. Ethanol has an octane rating of 113, and is added to gasoline to raise the octane level of gasoline. Unblended gasoline typically has a base octane level of approximately 84. Typical gasoline and ethanol blends (up to E10) have octane ratings ranging from 87 to 93. Higher octane gasoline has the benefit of reducing engine knocking. Gasoline with higher octane typically has been sold at a higher price per gallon than lower octane gasoline. In March 2009, Growth Energy, an ethanol industry trade association, and 54 ethanol producers requested that the U.S. Environmental Protection Agency (“EPA”) approve the use of up to 15% ethanol blended with gasoline. The EPA has not yet granted the requested waiver although it has indicated that increasing the allowable percentage of ethanol blended in the U.S. gasoline supply could be an important step towards the long-term introduction of more renewable fuels into the transportation sector. We believe that increasing the ethanol blended in the domestic gasoline supply could have a positive impact on the demand for ethanol. We further believe that the costs ethanol producers incur in producing a gallon of ethanol currently are lower than the costs refiners incur in producing a gallon of petroleum-based gasoline. Ethanol’s favorable production economics are further enhanced by the blender’s tax credit, which can be captured by refiners or passed on to consumers for a benefit of $0.45 per gallon of ethanol. |
| Ø  | Expansion of Gasoline Supplies. By blending ethanol with gasoline, refiners can expand the volume of fuel available for sale. As a result, refiners can produce more fuel from a barrel of oil and expand their ability to meet consumer demand, especially when refinery capacity and octane sources are limited. According to the Energy Information Administration, between 1980 and 2005, petroleum refining capacity in the United States decreased approximately 5% while domestic demand increased approximately 21%. We believe that increased pressure on domestic fuel refining capacity will result in greater demand for ethanol.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Ø  | Use Mandates. In addition to the blender’s tax credit, the growth in ethanol usage has also been supported by legislative requirements dictating the use of renewable fuels, including ethanol. The Energy Independence and Security Act of 2007, confirmed by the EPA regulations on the Renewable Fuel Standard, or RFS2, issued on February 3, 2010 mandated a minimum usage of corn-derived renewable fuels of 10.5 billion gallons in 2009 and 12.0 billion gallons in 2010. The upper mandate for corn-based ethanol is 15.0 billion gallons by 2015.                                                                                                                                                                                                                                                                                                                                                       |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ø  | Federal Tariff on Imported Ethanol. In 1980, Congress imposed a tariff on foreign produced ethanol to encourage the development of a domestic, corn-derived ethanol supply. This tariff was designed to prevent the federal tax incentive from benefiting non-U.S. producers of ethanol. The $0.54 per gallon tariff is scheduled to expire on January 1, 2009. Ethanol imports from 24 countries in Central America and the Caribbean Islands are exempt from the tariff under the Caribbean Basin Initiative, which provides that specified nations may export an aggregate of 7.0% of U.S. ethanol production per year into the U.S., with additional exemptions from ethanol produced from feedstock in the Caribbean region over the 7.0% limit. As a result of new plants under development in the Caribbean region, we believe imports from there will continue, subject to the limited nature of the exemption. |

| ITEM 1A | RISK FACTORS |
|---------|--------------|

| ITEM 2 | DESCRIPTION OF PROPERTIES |
|--------|---------------------------|

| ITEM 3 | LEGAL PROCEEDINGS |
|--------|-------------------|

| ITEM 4 | MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS |
|--------|----------------------------------------------------------------------------------|

| Period              |   | High   |   |   | Low    |
|---------------------|--------|--------|--------|--------|--------|
| 2009 First Quarter  |   |   | 0.0016 |   |   |   | 0.0013 |
| 2009 Second Quarter |   |   | 0.0017 |   |   |   | 0.0015 |
| 2009 Third Quarter  |   |   | 0.0018 |   |   |   | 0.0016 |
| 2009 Fourth Quarter |   |   | 0.0155 |   |   |   | 0.1003 |
| 2008 First Quarter  |   |   | 0.0552 |   |   |   | 0.0552 |
| 2008 Second Quarter |   |   | 0.0100 |   |   |   | 0.0060 |
| 2008 Third Quarter  |   |   | 0.0010 |   |   |   | 0.0007 |
| 2008 Fourth Quarter |   |   | 0.0028 |   |   |   | 0.0026 |

| Title of Class          | Approximate Number of Holders of Record as of April 15, 2010 |
|-------------------------|--------------------------------------------------------------|
| Common Stock, 0.001 par |                                                         |   |   |   |   | 268 |

| ITEM 5 | SELECTED FINANCIAL DATA |
|--------|-------------------------|

| ITEM 6 | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION |
|--------|--------------------------------------------------------------------------------------------------|

|  (1)   | acquiring the rights to our technology portfolio;                                                                  |
|-----------------------|--------------------------------------------------------------------------------------------------------------------|
|  (2)   | research and development with our technologies including commencement of pilot and bench testing activities;  |

|  (3)   | performing due diligence on a number of distressed renewable fuel production assets; |
|-----------------------|--------------------------------------------------------------------------------------|
|  (4)   | negotiating to acquire qualified renewable fuel production assets;                   |

|  (5)   | negotiating to finance, build, own and operate qualified existing renewable fuel production assets; and                                                                                     |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (6)   | the completion of the equity financing intended for use in the acquisition and operation of qualified renewable fuel production assets (the “2009 Preferred Equity Financing”). |

| ITEM 7 | FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES |
|--------|--------------------------------------------------|

|                                                    |    |
|---------------------------------------------------------|---------|
|                                                    | Page No |
| FINANCIAL STATEMENTS                                    |    |
|                                                    |    |
| Report of Independent Registered Public Accounting Firm | 15      |
|                                                    |    |
| Balance Sheets (As Restated)                            | 16      |
|                                                    |    |
| Statements of Operations                                | 17      |
|                                                    |    |
| Statements of Stockholders’ Equity(As Restated)   | 18      |
|                                                    |    |
| Statements of Cash Flows                                | 19      |
|                                                    |    |
| Notes to Financial Statements                           | 20      |

| ASSETS                                                       | 12/31/09 | Restated12/31/08 |
|--------------------------------------------------------------|----------|------------------|
| Current assets:                                              |     |             |
| Cash                                                         | $        | 2,551            |   |   | $ | -- |   |
| Total current assets                                         |     | 2,551            |   |   |   | -- |   |
| Other Assets:                                                |     |             |   |   |   |   |   |
| Notes receivable                                             |     | 484,264          |   |   |   | -- |   |
| Project development costs                                    |     | 379,355          |   |   |   | -- |   |
| Total other assets                                           |     | 863,619          |   |   |   | -- |   |
| TOTAL ASSETS                                                 | $        | 866,170          |   |   | $ | -- |   |
|                                                         |     |             |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDER’S EQUITY                   |     |             |   |   |   |   |   |
|  Current liabilities:                                   |     |             |   |   |   |   |   |
| Due to related party                                         | $        | 397,835          |   |   | $ | 3,612 |   |
| Accounts payable and accrued expenses                        |     | 219,072          |   |   |   | 152,517 |   |
| Accrued interest                                             |     | 37,654           |   |   |   | -- |   |
| Accrued interest – affiliate                           |     | 50,259           |   |   |   |   |   |
| Convertible debenture, net of discounts                      |     | 674,296          |   |   |   |   |   |
| Convertible debenture, net of discounts - affiliate          |     | 183,005          |   |   |   | -- |   |
| Total current liabilities                                    |     | 1,562,121        |   |   |   | 156,129 |   |
|                                                         |     |             |   |   |   |   |   |
| TOTAL LIABILITIES                                            |     | 1,562,121        |   |   |   | 156,129 |   |
|                                                         |     |             |   |   |   |   |   |
| STOCKHOLDERS’ EQUITY (DEFICIT)                         |     |             |   |   |   |   |   |
| Preferred stock, $0.001 par value, 5,000,000 authorized      |     |             |   |   |   |   |   |
| Series D: 998,971 and 0, issued and outstanding              |     | 5,999            |   |   |   | -- |   |
| Series E: 909,312 authorized, 0 and 0 issued and outstanding |     | --          |   |   |   | --  |   |
| Common stock, $0.001 par value, 5,000,000 authorized;        |     |             |   |   |   |   |   |
| 23,013,457 and 500,000 issued and outstanding, respectively  |     | 23,013           |   |   |   | 500 |   |
| Additional paid-in capital                                   |     | 8,585,335        |   |   |   | 7,073,619 |   |
| Accumulated deficit                                          |     | (9,310,298       | ) |   |   | (7,230,248 | ) |
|                                                         |     |             |   |   |   |   |   |
| TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)                   |     | (695,951         | ) |   |   | (156,129 | ) |
|                                                         |     |             |   |   |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)   | $        | 866,170          |   |   | $ | -- |   |

|                                                      | 12/31/09 |       |   | 12/31/08 |   |
|-----------------------------------------------------------|----------|------------|--------|----------|--------|
|                                                      |     |       |   |     |   |
| Revenues                                                  | $        | --         |   |     | $      | -- |   |
| Cost of revenues                                          |     | --         |   |     |   | -- |   |
| Gross profit                                              |     | --         |   |     |   | -- |   |
|                                                      |     |       |   |     |   |   |   |
| Operating expenses                                        |     |       |   |     |   |   |   |
| Stock based compensation                                  |     | 146,500    |   |     |   | 707,028 |   |
| Selling expenses                                          |     | 3,138      |   |     |   |   |   |
| Research and development                                  |     | 585,982    |   |     |   |   |   |
| General and administrative expenses                       |     | 259,654    |   |     |   | 61,759 |   |
| Total operating expenses                                  |     | 995,274    |   |     |   | 768,787 |   |
|                                                      |     |       |   |     |   |   |   |
| Operating income (loss)                                   |     | (995,274   | )      |     |   | (768,787 | ) |
|                                                      |     |       |   |     |   |   |   |
| Other income (expenses)                                   |     |       |   |     |   |   |   |
| Interest income                                           |     | 34,264     |   |     |   |   |   |
| Interest income – related party                     |     | 98,422     |   |     |   |   |   |
| Gain on extinguishment of debt                            |     | 67,901     |   |     |   |   |   |
| Amortization of debt discount                             |     | (89,974    | )      |     |   |   |   |
| Costs related to conversion feature                       |     | (518,110   | )      |     |   |   |   |
| Costs related to conversion feature – related party |     | (396,954   | )      |     |   |   |   |
| Interest expense                                          |     | (121,525   | )      |     |   |   |   |
| Interest expense – related party                    |     | (157,645   | )      |     |   | (32,069 | ) |
| Total other income (expense)                              |     | (1,083,621 | )      |     |   | (32,069 | ) |
|                                                      |     |       |   |     |   |   |   |
| Loss before provision for income taxes                    |     | (2,078,895 | )      |     |   | (800,856 | ) |
|                                                      |     |       |   |     |   |   |   |
| Provision for income taxes                                |     | (1,155     | )      |     |   | (4,796 | ) |
|                                                      |     |       |   |     |   |   |   |
| Net income (loss)                                         | $        | (2,080,050 | )      |     | $      | (805,652 | ) |
|                                                      |     |       |   |     |   |   |   |
| Weighted average of shares of common stock                |     |       |   |     |   |   |   |
| outstanding, basic and diluted                            |     | 41,038,866 |   |     |   | 53,547 |   |
|                                                      |     |       |   |     |   |   |   |
| Net income (loss) per share, basic and diluted            | $        | (0.05)     |   |     | $      | (0.00 | )  |
|                                                      |     |       |   |     |   |   |   |

|                                                 |   | Series DPreferred Stock |      |   |   Common Stock |   |
|------------------------------------------------------|--------|-------------------------|-----------|--------|---------------------|--------|
|                                                 |   | Shares                  |      |   | Amount              |   |   | Shares |   |   | Amount |   |
|                                                 |   |                    |      |   |                |   |   |   |   |   |   |   |
| Balance at 12/31/07                                  |   |                    | 921,313   |   |                | $      | 921 |   |   |   | 8,354 |   |   | $ | 8 |   |
| Cancellation of old debt                             |   |                    | --        |   |                |   | -- |   |   |   | (11 | ) |   |   | -- |   |
| Shares issued for services                           |   |                    | (921,313  | )      |                |   | (921 | ) |   |   | 91,211 |   |   |   | 91 |   |
| Conversion of Series D Preferred                     |   |                    | --        |   |                |   | -- |   |   |   | 400,000 |   |   |   | 400 |   |
| Forgiveness of related party debt, net               |   |                    | --        |   |                |   | -- |   |   |   | -- |   |   |   | -- |   |
| Issuance of fractional shares from reverse split     |   |                    | --        |   |                |   | -- |   |   |   | 446 |   |   |   | 1 |   |
| Extinguishment of debt/beneficial conversion feature |   |                    | --        |   |                |   | -- |   |   |   | -- |   |   |   | -- |   |
| Net loss                                             |   |                    | --        |   |                |   | -- |   |   |   | -- |   |   |   | -- |   |
| Balance at 12/31/08                                  |   |                    | --        |   |                | $      | -- |   |   |   | 500,000 |   |   | $ | 500 |   |
| Shares issued for services                           |   |                    | --        |   |                |   | -- |   |   |   | 341,500 |   |   |   | 342 |   |
| Cancellation of Series D Preferred conversions       |   |                    | 6,023,813 |   |                |   | 6,024 |   |   |   | (3,440,000 | ) |   |   | (3,440 | ) |
| Shares issued for accounts payable                   |   |                    | --        |   |                |   | -- |   |   |   | 9,000 |   |   |   | 9 |   |
| Beneficial conversion feature of convertible debt    |   |                    | --        |   |                |   | -- |   |   |   | -- |   |   |   | -- |   |
| Conversion of debt                                   |   |                    | 61,250    |   |                |   | 61 |   |   |   | 512,059 |   |   |   | 512 |   |
| Extinguishment of debt/beneficial conversion feature |   |                    | --        |   |                |   | -- |   |   |   | -- |   |   |   | -- |   |
| Conversion of Series D Preferred                     |   |                    | (86,091   | )      |                |   | (86 | ) |   |   | 24,712,506 |   |   |   | 24,713 |   |
| Issuance to Junior investors                         |   |                    | --        |   |                |   | -- |   |   |   | 373,500 |   |   |   | 374 |   |
| Issuance of fractional shares from reverse split     |   |                    | --        |   |                |   | -- |   |   |   | 4,892 |   |   |   | 5 |   |
| Forgiveness of debt                                  |   |                    | --        |   |                |   | -- |   |   |   | -- |   |   |   | -- |   |
| Net loss                                             |   |                    | --        |   |                |   | -- |   |   |   | -- |   |   |   | -- |   |
| Balance at 12/31/09                                  |   |                    | 5,998,972 |   |                | $      | 5,999 |   |   |   | 23,013,457 |   |   | $ | 23,013 |   |

|                                                 |   | Additional Paid-in Capital |       |   | Accumulated Deficit |   |       | Total Stockholders’ Equity (Deficit) |   |
|------------------------------------------------------|--------|----------------------------|------------|--------|--------------------------|--------|------------|--------------------------------------------|--------|
|                                                 |   |                       |       |   |                     |   |       |                                       |   |
| Balance at 12/31/07                                  |   | $                          | 6,860,353  |   |                     | $      | (6,424,596 | )                                          |   | $ | 436,686 |   |
| Cancellation of old debt                             |   |                       | --         |   |                     |   | --         |                                       |   |   | -- |   |
| Shares issued for services                           |   |                       | 706,937    |   |                     |   | --         |                                       |   |   | 707,028 |   |
| Conversion of Series D Preferred                     |   |                       | 521        |   |                     |   | --         |                                       |   |   | -- |   |
| Forgiveness of related party debt, net               |   |                       | (927,123   | )      |                     |   | --         |                                       |   |   | (927,123 | ) |
| Issuance of fractional shares from reverse split     |   |                       | (1         | )      |                     |   | --         |                                       |   |   | -- |   |
| Extinguishment of debt/beneficial conversion feature |   |                       | 432,932    |   |                     |   | --         |                                       |   |   | 432.932 |   |
| Net loss                                             |   |                       | --         |   |                     |   | (805,652   | )                                          |   |   | (805,652 | ) |
| Balance at 12/31/08                                  |   | $                          | 7,073,619  |   |                     | $      | (7,230,248 | )                                          |   | $ | (156,129 | ) |
|  Shares issued for services                     |   |                       | 621,559    |   |                     |   | --         |                                       |   |   | 621,900 |   |
| Cancellation of Series D Preferred conversions       |   |                       | (2,584     | )      |                     |   | --         |                                       |   |   | -- |   |
| Shares issued for accounts payable                   |   |                       | 28,291     |   |                     |   | --         |                                       |   |   | 28,300 |   |
| Beneficial conversion feature of convertible debt    |   |                       | 449,629    |   |                     |   | --         |                                       |   |   | 449,629 |   |
| Conversion of debt                                   |   |                       | 550,562    |   |                     |   | --         |                                       |   |   | 551,135 |   |
| Extinguishment of debt/beneficial conversion feature |   |                       | (184,113   | )      |                     |   | --         |                                       |   |   | (184,113 | ) |
| Conversion of Series D Preferred                     |   |                       | (1,013     | )      |                     |   | --         |                                       |   |   | 23,615 |   |
| Issuance to Junior investors                         |   |                       | (374       | )      |                     |   | --         |                                       |   |   | -- |   |
| Issuance of fractional shares from reverse split     |   |                       | (5         | )      |                     |   | --         |                                       |   |   | -- |   |
| Forgiveness of debt                                  |   |                       | 49,762     |   |                     |   | --         |                                       |   |   | 49,762 |   |
| Net Loss                                             |   |                       | --         |   |                     |   | (2,080,050 | )                                          |   |   | (2,080,050 | ) |
| Balance at 12/31/09                                  |   | $                          | (8,585,335 | )      |                     | $      | (9,310,298 | )                                          |   | $ | (695,951 | ) |

|                                                                           |   | For the Years Ended |      |
|--------------------------------------------------------------------------------|--------|---------------------|-----------|
|                                                                           |   | 12/31/09            |      |   | 12/31/08 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                           |   |                |      |   |   |   |
| Net cash used in operating activities                                          |   | $                   | (56,417   | ) |   | $ | (180,108 | ) |
|                                                                           |   |                |      |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                           |   |                |      |   |   |   |   |   |
| Project development costs                                                      |   |                | --        |   |   |   | -- |   |
| Note receivable repayment                                                      |   |                | 50,000    |   |   |   | 50,000 |   |
| Net cash provided by investing activities                                      |   |                | (6,417)   |   |   |   | 50,000 |   |
|                                                                           |   |                |      |   |   |   |   |   |
| CASH FLOW FROM FINANCING ACTIVITIES                                            |   |                |      |   |   |   |   |   |
| Forgiveness of related party debt                                              |   |                | --        |   |   |   | 432,932 |   |
| Repayment on convertible notes                                                 |   |                | --        |   |   |   | (302,824 | ) |
| Loan proceeds from related parties                                             |   |                | 8,968     |   |   |   | -- |   |
| Net cash provided by financing activities                                      |   |                | 8,968     |   |   |   | 130,108 |   |
|                                                                           |   |                |      |   |   |   |   |   |
| Net increase (decrease) in cash                                                |   |                | 2,551     |   |   |   | -- |   |
| Cash at beginning of period                                                    |   |                | --        |   |   |   | 91 |   |
| Cash at end of period                                                          |   | $                   | 2,551     |   |   | $ | -- |   |
|                                                                           |   |                |      |   |   |   |   |   |
| Supplemental Schedule of Non-Cash Investing and Financing Activities:          |   |                |      |   |   |   |   |   |
| Stock issued for conversion of preferred stock, debt and accounts payable      |   | $                   | 4,746,288 |   |   | $ | -- |   |
| Notes receivable exchanged for convertible debentures                          |   | $                   | 500,000   |   |   | $ | -- |   |
| Exchange of common shares for Series D preferred stock                         |   | $                   | 400,000   |   |   | $ | -- |   |
| Effect on additional paid-in capital from extinguishment of related party debt |   | $                   | 547,517   |   |   | $ | -- |   |
| Conversion of convertible liabilities                                     |   | $                   | 698,448   |   |   | $ | -- |   |
| Project development from affiliate                                             |   | $                   | 379,355   |   |   | $ | -- |   |
| Miscellaneous issuances/cancellations of preferred stock                       |   | $                   | 2,021,000 |   |   | $ | -- |   |
| Recognition of conversion feature on new convertible notes                     |   | $                   | 132,724   |   |   | $ | -- |   |
|                                                                           |   |                |      |   |   |   |   |   |
|                                                                           |   |                |      |   |   |   |   |   |

| NOTE 1 | BASIS OF PRESENTATION |
|--------|-----------------------|

| NOTE 2 | GOING CONCERN |
|--------|---------------|

| NOTE 3 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  |
|--------|--------------------------------------------------|

| NOTE 4 | STOCKHOLDERS’ EQUITY  |
|--------|----------------------------------|

|   |   |   |            |                               |        |      |   |         |    |
|--------|--------|--------|-----------------|------------------------------------|-------------|-----------|--------|--------------|---------|
| Month  |   |   | Series E Shares | Scheduled Release ofPurchase Price | Fixed Price |      |   | Target Price |
|   | 1      |   |            |                               | $           | 588,400   |   |         |    | 5,884 |   |   | $ | 2.00 |   |   | $ | 3.33 |   |   |
|   | 2      |   |            |                               | $           | 588,400   |   |         |    | 5,884 |   |   | $ | 2.06 |   |   | $ | 3.43 |   |   |
|   | 3      |   |            |                               | $           | 588,400   |   |         |    | 5,884 |   |   | $ | 2.12 |   |   | $ | 3.54 |   |   |
|   | 4      |   |            |                               | $           | 689,601   |   |         |    | 6,114 |   |   | $ | 2.19 |   |   | $ | 3.65 |   |   |
|   | 5      |   |            |                               | $           | 689,601   |   |         |    | 6,114 |   |   | $ | 2.26 |   |   | $ | 3.76 |   |   |
|   | 6      |   |            |                               | $           | 689,601   |   |         |    | 6,114 |   |   | $ | 2.33 |   |   | $ | 3.89 |   |   |
|   | 7      |   |            |                               | $           | 2,257,601 |   |         |    | 21,794 |   |   | $ | 2.41 |   |   | $ | 4.01 |   |   |
|   | 8      |   |            |                               | $           | 2,481,601 |   |         |    | 24,034 |   |   | $ | 2.49 |   |   | $ | 4.15 |   |   |
|   | 9      |   |            |                               | $           | 2,705,601 |   |         |    | 26,274 |   |   | $ | 2.57 |   |   | $ | 4.29 |   |   |
|   | 10     |   |            |                               | $           | 3,199,288 |   |         |    | 29,128 |   |   | $ | 2.66 |   |   | $ | 4.44 |   |   |
|   | 11     |   |            |                               | $           | 3,461,814 |   |         |    | 31,455 |   |   | $ | 2.75 |   |   | $ | 4.59 |   |   |
|   | 12     |   |            |                               | $           | 3,724,341 |   |         |    | 33,783 |   |   | $ | 2.85 |   |   | $ | 4.75 |   |   |
|   | 13     |   |            |                               | $           | 3,986,968 |   |         |    | 36,112 |   |   | $ | 2.96 |   |   | $ | 4.93 |   |   |
|   | 14     |   |            |                               | $           | 4,249,494 |   |         |    | 38,439 |   |   | $ | 3.06 |   |   | $ | 5.10 |   |   |
|   | 15     |   |            |                               | $           | 4,512,021 |   |         |    | 40,767 |   |   | $ | 3.18 |   |   | $ | 5.29 |   |   |
|   | 16     |   |            |                               | $           | 4,774,565 |   |         |    | 43,095 |   |   | $ | 3.29 |   |   | $ | 5.49 |   |   |
|   | 17     |   |            |                               | $           | 5,037,091 |   |         |    | 45,422 |   |   | $ | 3.42 |   |   | $ | 5.70 |   |   |
|   | 18     |   |            |                               | $           | 5,299,618 |   |         |    | 47,750 |   |   | $ | 3.55 |   |   | $ | 5.92 |   |   |
|   | 19     |   |            |                               | $           | 5,562,145 |   |         |    | 50,078 |   |   | $ | 3.69 |   |   | $ | 6.15 |   |   |
|   | 20     |   |            |                               | $           | 5,824,671 |   |         |    | 52,405 |   |   | $ | 3.83 |   |   | $ | 6.39 |   |   |
|   | 21     |   |            |                               | $           | 6,087,198 |   |         |    | 54,733 |   |   | $ | 3.98 |   |   | $ | 6.64 |   |   |
|   | 22     |   |            |                               | $           | 6,349,724 |   |         |    | 57,060 |   |   | $ | 4.14 |   |   | $ | 6.91 |   |   |
|   | 23     |   |            |                               | $           | 6,612,351 |   |         |    | 59,389 |   |   | $ | 4.31 |   |   | $ | 7.18 |   |   |
|   | 24     |   |            |                               | $           | 6,874,878 |   |         |    | 61,717 |   |   | $ | 4.49 |   |   | $ | 7.48 |   |   |
|   | 25     |   |            |                               | $           | 948,804   |   |         |    | 2,158 |   |   | $ | 4.49 |   |   | $ | 7.48 |   |   |
|   | 26     |   |            |                               | $           | 987,348   |   |         |    | 2,257 |   |   | $ | 4.49 |   |   | $ | 7.48 |   |   |
|   | 27     |   |            |                               | $           | 1,025,875 |   |         |    | 2,346 |   |   | $ | 4.49 |   |   | $ | 7.48 |   |   |
| Total  |   |   |            | $                                  | 89,797,000  |      |   |         | 796,190 |   |   |   |   |   |   |   |   |   |   |

| Senior Warrant |   | Amount |    |   | Exercise Price |   |   | Proceeds |   |
|----------------|--------|--------|---------|--------|----------------|--------|--------|----------|--------|
| Warrant A      |   |   | 813,863 |   |           | $      | 2.40   |     |   | $ | 1,953,271 |   |
| Warrant B      |   |   | 790,159 |   |           | $      | 2.47   |     |   | $ | 1,953,273 |   |
| Warrant C      |   |   | 766,711 |   |           | $      | 2.55   |     |   | $ | 1,953,273 |   |
| Warrant D      |   |   | 743,543 |   |           | $      | 2.63   |     |   | $ | 1,953,287 |   |
| Warrant E      |   |   | 720,677 |   |           | $      | 2.71   |     |   | $ | 1,953,250 |   |
| Warrant F      |   |   | 698,135 |   |           | $      | 2.80   |     |   | $ | 1,953,241 |   |
| Warrant G |   |   | 2,477,258  |   |   | $      | 2.89   |   |   | $ | 7,158,532  |   |
|-----------|--------|--------|------------|--------|--------|--------|--------|--------|--------|---|------------|--------|
| Warrant H |   |   | 2,646,234  |   |   | $      | 2.99   |   |   | $ | 7,902,183  |   |
| Warrant I |   |   | 2,800,249  |   |   | $      | 3.09   |   |   | $ | 8,645,769  |   |
| Warrant J |   |   | 2,939,805  |   |   | $      | 3.19   |   |   | $ | 9,389,444  |   |
| Warrant K |   |   | 3,065,430  |   |   | $      | 3.31   |   |   | $ | 10,133,085 |   |
| Warrant L |   |   | 3,177,647  |   |   | $      | 3.42   |   |   | $ | 10,876,770 |   |
| Warrant M |   |   | 3,277,121  |   |   | $      | 3.55   |   |   | $ | 11,620,670 |   |
| Warrant N |   |   | 3,363,922  |   |   | $      | 3.68   |   |   | $ | 12,364,661 |   |
| Total     |   |   | 28,280,754 |   |   |   |   |   |   | $ | 89,810,710 |   |

|                                     |   |   |   |   | Pro Forma Common Sharesat Completion of Reverse Split |      |       | Pro Forma Common Sharesat the Full Release Date |   |
|------------------------------------------|--------|--------|--------|--------|-------------------------------------------------------|-----------|------------|-------------------------------------------------|--------|
| Month                                    |   |   |   |   | Common Shares                                         |      |       | Percentage                                      |   |   | Common Shares |   |   | Percentage |   |
| Public Float                             |   |   |   |   |                                                  | 5,000,000 |       |                                            |   | 20.00 | % |   |   | 5,000,000 |   |   |   | 6.67 | % |
| Management                               |   |   | (1     | )      |                                                  |      | 20,000,000 |                                            |   |   | 80.00 | % |   |   | 33,957,207 |   |   |   | 51.00 | % |
| Copperbottom Investments, Ltd.           |   |   | (2     | )      |                                                  |      | -          |                                            |   |   | 0.00 | % |   |   | 4,655,479 |   |   |   | 6.99 | % |
| Absentia Holdings, Ltd.                  |   |   | (2     | )      |                                                  |      | -          |                                            |   |   | 0.00 | % |   |   | 4,655,479 |   |   |   | 6. 99 | % |
| Britannia Securities International, Ltd. |   |   | (2     | )      |                                                  |      | -          |                                            |   |   | 0.00 | % |   |   | 4,655,479 |   |   |   | 6. 99 | % |
| Agri-Technologies International, Ltd.    |   |   | (2     | )      |                                                  |      | -          |                                            |   |   | 0.00 | % |   |   | 4,655,479 |   |   |   | 6. 99 | % |
| On Time Investments, Ltd.                |   |   | (2     | )      |                                                  |      | -          |                                            |   |   | 0.00 | % |   |   | 4,655,479 |   |   |   | 6. 99 | % |
| RND Company, Ltd.                        |   |   | (2     | )      |                                                  |      | -          |                                            |   |   | 0.00 | % |   |   | 1,449,385 |   |   |   | 2.18 | % |
| Sequence Investments, Ltd.               |   |   | (2     | )      |                                                  |      | -          |                                            |   |   | 0.00 | % |   |   | 1,449,385 |   |   |   | 2.18 | % |
| Rooftop Holdings, Ltd.                   |   |   | (2     | )      |                                                  |      | -          |                                            |   |   | 0.00 | % |   |   | 1,449,385 |   |   |   | 2.18 | % |
| Total                                    |   |   |   |   |                                                  |      | 25,000,000 |                                            |   |   | 100.00 | % |   |   | 66,582,759 |   |   |   | 100.00 | % |

| (1)    | The shares of Common Stock initially held by Management are subject to the conditions noted above, and are subject to upward modification to maintain the 51% Minimum Ownership requirement, and downward modification to 30% in the event that the Performance Hurdle is not met. Viridis and Corn 2.0, LLC collectively hold 637,500 shares of Company Series D Preferred Stock, which shares are convertible at all times into 51% of the outstanding Common Stock (when taken with each holder's then-current Common Stock holdings) until the Full Release Date.  An additional 302,103 shares of Series D Preferred Stock are beneficially owned by Viridis and are subject to the Restrictions Applicable to Management noted above.                                                                                                                                                                                                                                           |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)    | The shares of common stock shown for the Junior Investors are estimated based on the assumed conversion of the Series E Shares at the Fixed Prices shown in Table 1 above, which prices were established based on the assumption that the Company successfully achieves a weighted average Target Price of $5.49 (the “WA Price”) between the initial payment of the Junior Purchase Price and the Full Release Date. This WA Price corresponds to a Company market capitalization of about $365,539,000 at the Performance Hurdle. The shares of Common Stock issuable to the Junior Investors (and the five Senior Investors) upon Conversion of the Series E Shares shall be subject to upward modification in the event that the Company fails to achieve the Target Prices set forth in Table 1 above. Any such increase would be offset by downward modification given the operation of the 51% Management Minimum Ownership requirement if the Performance Hurdle is not met |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|   | Scheduled Release ofJunior Purchase Price |            |         |   |       |   |
|--------|-------------------------------------------|-----------------|--------------|--------|------------|--------|
| Month  | Series E Shares                           | Fixed Price     | Target Price |
| 1      | $                                         | 101,201         | 230          | $      | 2.00       | $      | 3.33 |
| 2      | $                                         |  101,201   |  230    | $      |  2.06 | $      |  3.43 |
| 3      | $                                         |  101,201   |  230    | $      |  2.12 | $      |  3.54 |
| 4      | $                                         |  101,201   |  230    | $      | 2.19       | $      |  3.65 |
| 5      | $                                         |  101,201   |  230    | $      |  2.26 | $      |  3.76 |
| 6      | $                                         |  101,201   |  230    | $      |  2.33 | $      |  3.89 |
| 7      | $                                         |  370,888   | 844          | $      |  2.41 | $      |  4.01 |
| 8      | $                                         |  409,414   | 931          | $      |  2.49 | $      |  4.15 |
| 9      | $                                         |  447,941   |  1,019  | $      |  2.57 | $      | 4.29 |
| 10     | $                                         | 486,468         | 1,107        | $      | 2.66       | $      | 4.44 |
| 11     | $                                         | 524,994         | 1,194        | $      | 2.75       | $      |  4.59 |
| 12     | $                                         |  563,521   | 1,282        | $      | 2.85       | $      |  4.75 |
| 13     | $                                         |  602,065   | 1,370        | $      | 2.96       | $      | 4.93 |
| 14     | $                                         | 640,591         | 1,457        | $      | 3.06       | $      | 5.10 |
| 15     | $                                         | 679,118         | 1,545        | $      | 3.18       | $      |  5.29 |
| 16     | $                                         | 717,645         |  1,633  | $      |  3.29 | $      |  5.49 |
| 17     | $                                         | 756,171         |  1,720  | $      |  3.42 | $      |  5.70 |
| 18     | $                                         | 794,698         |  1,808  | $      |  3.55 | $      |  5.92 |
| 19     | $                                         |  833,224   |  1,895  | $      |  3.69 | $      |  6.15 |
| 20     | $                                         |  871,751   |  1,983  | $      |  3.83 | $      |  6.39 |
| 21     | $                                         |  910,278   |  2,071  | $      |  3.98 | $      |  6.64 |
| 22     | $                                         |  948,804   |  2,158  | $      |  4.14 | $      |  6.91 |
| 23     | $                                         |  987,348   |  2,257  | $      |  4.31 | $      |  7.18 |
| 24     | $                                         |  1,025,875 |  2,346  | $      |  4.49 | $      |  7.48 |
| Total  | $                                         | 13,178,000      | 30,000       |   |       |   |   |

| Junior Warrant | Amount       | Exercise Price |       | Proceeds |
|----------------|--------------|----------------|------------|----------|
| Warrant A      | 102,903      | $              | 2.40       | $        | 246,967 |
| Warrant B      | 99,906       | $              |  2.47 | $        |  246,967 |
| Warrant C      | 96,941       | $              |  2.55 | $        |  246,967 |
| Warrant D      |  94,012 | $              |  2.63 | $        |  246,969 |
| Warrant E      |  91,121 | $              |  2.71 | $        |  246,964 |
| Warrant F |  88,271  | $      |  2.80 | $ |  246,963   |
|-----------|---------------|--------|------------|---|-----------------|
| Warrant G |  313,219 | $      |  2.89 | $ |  905,108   |
| Warrant H |  334,584 | $      |  2.99 | $ |  999,134   |
| Warrant I |  354,057 | $      |  3.09 | $ |  1,093,151 |
| Warrant J |  371,702 | $      |  3.19 | $ |  1,187,180 |
| Warrant K |  387,586 | $      |  3.31 | $ |  1,281,204 |
| Warrant L |  401,774 | $      |  3.42 | $ |  1,375,234 |
| Warrant M |  414,352 | $      |  3.55 | $ |  1,469,291 |
| Warrant N |  425,327 | $      |  3.68 | $ |  1,563,203 |
| Total     | 3,575,754     |   |       | $ | 11,355,305      |

|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Pro Forma Common Sharesat Completion of Reverse Split | Pro Forma Common Sharesat the Full Release Date |
|------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|-------------------------------------------------|
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Month                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Common Shares                                         | Percentage                                      | Common Shares | Percentage |
| Public Float                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  5,000,000                                       | 20.00%                                          |  5,000,000 | 6.67% |
| Management                               | (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  20,000,000                                      | 80.00%                                          | 33,957,207 | 51.00% |
| Copperbottom Investments, Ltd.           | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  -                                               | 0.00%                                           |  4,655,479 | 6.99% |
| Absentia Holdings, Ltd.                  | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  -                                               | 0.00%                                           |  4,655,479 | 6. 99% |
| Britannia Securities International, Ltd. | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  -                                               | 0.00%                                           |  4,655,479 | 6. 99% |
| Agri-Technologies International, Ltd.    | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  -                                               | 0.00%                                           |  4,655,479 | 6. 99% |
| On Time Investments, Ltd.                | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  -                                               | 0.00%                                           |  4,655,479 | 6. 99% |
| RND Company, Ltd.                        | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | -                                                     | 0.00%                                           | 1,449,385 | 2.18% |
| Sequence Investments, Ltd.               | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | -                                                     | 0.00%                                           | 1,449,385 | 2.18% |
| Rooftop Holdings, Ltd.                   | (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | -                                                     | 0.00%                                           | 1,449,385 | 2.18% |
| Total                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 25,000,000                                            | 100.00%                                         | 66,582,759 | 100.00% |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                  |                                            |   |   |
| (1)                            | The shares of Common Stock initially held by Management are subject to the conditions noted above, and are subject to upward modification to maintain the 51% Minimum Ownership requirement, and downward modification to 30% in the event that the Performance Hurdle is not met. Viridis and Corn 2.0, LLC collectively hold 637,500 shares of Company Series D Preferred Stock, which shares are convertible at all times into 51% of the outstanding Common Stock (when taken with each holder's then-current Common Stock holdings) until the Full Release Date.  An  additional  302,103 shares of Series D Preferred Stock are beneficially  owned by Viridis and are subject to the Restrictions Applicable to Management noted above.                                                                                                                                                                                                           |
| (2)                                      | The shares of common stock shown for the Junior Investors are estimated based on the assumed conversion of the Series E Shares at the Fixed Prices shown in Table 1 above, which prices were established based on the assumption that the Company successfully achieves a weighted average Target Price of $5.49 (the “WA Price”) between the initial payment of the Junior Purchase Price and the Full Release Date. This WA Price corresponds to a Company market capitalization of about $365,539,000 at the Performance Hurdle. The shares of Common Stock issuable to the Junior Investors (and the five Senior Investors) upon Conversion of the Series E Shares shall be subject to upward modification in the event that the Company fails to achieve the Target Prices set forth in Table 1 above. Any such increase would be offset by downward modification given the operation of the 51% Management Minimum Ownership requirement if the Performance Hurdle is not met. |

| NOTE 5 | RELATED PARTY TRANSACTIONS  |
|--------|----------------------------------|

| NOTE 6 | CONVERTIBLE DEBENTURES  |
|--------|------------------------------|

| NOTE 7 | STOCK BASED COMPENSATION  |
|--------|--------------------------------|

| NOTE 8 | INCOME TAXES  |
|--------|--------------------|

|                      |   | 12/31/2009 |       |   | 12/31/2008 |   |
|---------------------------|--------|------------|------------|--------|------------|--------|
| Deferred Tax Asset:       |   |       |       |   |       |   |
| Total deferred tax assets |   |       | 1,475,892  |   |       |   | 1,130,000 |   |
| Less: Valuation allowance |   |       | (1,475,892 | )      |       |   | (1,130,000 | ) |
| Net deferred tax asset    |   | $          | --         |   |       | $      | -- |   |

| NOTE 9 | OPTIONS AND WARRANTS |
|--------|----------------------|

|                             |   | Number of Shares |   |   | Weighted Average Exercise Price |   |
|----------------------------------|--------|------------------|--------|--------|---------------------------------|--------|
| Outstanding at December 31, 2008 |   |             | 475    |   |                            | $      | 0.46 |   |
| Issued                           |   |             | --     |   |                            | $      | -- |   |
| Exercised                        |   |             | (200   | )      |                            | $      | 0.25 |   |
|    Cancelled      |   |             | --     |   |                            | $      | -- |   |
| Outstanding at December 31, 2009 |   |             | 275    |   |                            | $      | 0.46 |   |

| Exercise Prices   | Number of Options Outstanding   | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Exercisable |
|-------------------|---------------------------------|---------------------------------------------|---------------------------------|-------------|
| Number of Options | Weighted Average Exercise Price |
| $0.25             | 75                              | 7                                           | 0.25                            | 75          | 0.25 |
| $0.75             | 200                             | 7                                           | 0.75                            | 200         | 0.75 |
|              | 275                             |                                        |                            | 275         |   |

|                    |   | 2008    |   |
|-------------------------|--------|---------|--------|
| Dividend yield          |   |    | --     |   |
| Expected volatility     |   |    | 69     | % |
| Risk-free interest rate |   |    | 2      | % |
| Expected life           |   | 10 yrs. |   |

| NOTE 10 | COMMITMENTS AND CONTINGENCIES  |
|---------|-------------------------------------|

| NOTE 11 | RESTATEMENT  |
|---------|-------------------|

| NOTE 12 | SUBSEQUENT EVENTS  |
|---------|-------------------------|

| ITEM 8 | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
|--------|--------------------------------------------------------------------------------------|

| ITEM 8A | CONTROLS AND PROCEDURES |
|---------|-------------------------|

| ITEM 8B | OTHER INFORMATION |
|---------|-------------------|

| ITEM 9 | DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
|--------|-----------------------------------------------------------|

| Name                | Age      | Position                             |
|---------------------|----------|--------------------------------------|
| Kevin Kreisler | 37  | Chairman and Chief Executive Officer |
| Jacqueline L. Flynn | 44       | Chief Financial Officer              |

| ITEM 10 | EXECUTIVE COMPENSATION |
|---------|------------------------|

|                                                                                                                                                |       |   | Annual Compensation |   |   | Long Term Compensation |   |   |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------|---------------------|--------|--------|------------------------|--------|--------|--------|--------|
| Name and Principal Position                     |  Year |   | Salary              |   |   | Bonus                  |   |   | Other  |   |   | Shares Granted |   |   | All Other Compensation |   |
| Kevin Kreisler                                                                                                                                      | 2009       |   | $                   | --     |   |                   | $      | --     |   |   |   | -- |   |   |   | -- |   |   | $ | -- |   |
| Chief Executive Officer                                                                                                                             | 2008       |   |                | --     |   |                   |   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
|                                                                                                                                                | 2007       |   |                | --     |   |                   |   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Jacqueline Flynn                                                                                                                                    | 2009       |   | $                   | 10,000 |   |                   | $      | --     |   |   |   | -- |   |   |   | 1,000 |   |   | $ | -- |   |
| Chief Financial Officer                                                                                                                             | 2008       |   | $                   | 10,000 |   |                   |   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
|                                                                                                                                                | 2007       |   |                | --     |   |                   |   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Trevor Bourne                                                                                                                                       | 2009       |   | $                   | --     |   |                   | $      | --     |   |   |   | -- |   |   |   | -- |   |   | $ | -- |   |
| Former Chief Executive Officer                                                                                                                      | 2008       |   |                | --     |   |                   |   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
|                                                                                                                                                | 2007       |   |                | --     |   |                   |   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Glen Courtright                                                                                                                                     | 2009       |   | $                   | 8,333  |   |                   | $      | --     |   |   |   | -- |   |   |   | -- |   |   | $ | -- |   |
| Former Chief Executive Officer                                                                                                                      | 2008       |   |                | 8,333  |   |                   |   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
|                                                                                                                                                | 2007       |   |                | --     |   |                   |   | --     |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |

| ITEM 11 | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT |
|---------|----------------------------------------------------------------|

|                                          |   | Amount and Nature of Beneficial Ownership |       |
|-----------------------------------------------|--------|-------------------------------------------|------------|
| Name and Address of Beneficial Owner          |   | Common                                    |       |   | % of Class |   |   | Series D Preferred |   |   | % of Class |   |   | Percentage of Voting Power |   |
| Kevin Kreisler                                |   |                                      | 20,000,000 |   |   |   | 86.91 | % |   |   | 870,930 |   |   |   | 100 | % |   |   | 86.91 | % |
| Jacqueline Flynn                              |   |                                      | --         |   |   |   | -- | % |   |   | -- |   |   |   | -- |   |   |   | -- |   |
|                                          |   |                                      |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Officers and Directors as a Group (2 persons) |   |                                      | 20,000,000 |   |   |   | 86.91 | % |   |   | 870,930 |   |   |   | 100 | % |   |   | 86.91 | % |

|  The address of each shareholder is One Penn Plaza, Suite 1612, New York, NY 10119. |
|-----------------------------------------------------------------------------------------------|

|  All shares listed for Mr. Kreisler are owned of record by Viridis Capital, LLC, of which Mr. Kreisler is the sole member. |
|---------------------------------------------------------------------------------------------------------------------------------|

| ITEM 12 | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE |
|---------|--------------------------------------------------------------------------|

| ITEM 13 | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|---------|----------------------------------------|

| ITEM 14 | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
|---------|--------------------------------------------|

| Exhibit Number | Description                                                                                                                                                                                                                                                                                                                                                           |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1            | Certificate of Incorporation – filed as an exhibit to the Current Report on Form 8-K filed on July 15, 2005 and incorporated herein by reference.                                                                                                                                                                                                               |
| 3.1(a)         | Certificate of Amendment of Certificate of Incorporation – filed as an Exhibit to the Current Report on Form 8-K filed on February 13, 2008, and incorporated herein by reference.                                                                                                                                                                              |
| 3.2            | By-Laws – filed as an exhibit to the Current Report on Form 8-K filed on July 15, 2005 and incorporated herein by reference.                                                                                                                                                                                                                                    |
| 10.1           | GS AgriFuels Guaranty agreement with Stillwater Asset-Backed Fund, LP – filed as an exhibit to the current report on form 8K filed on November 7, 2006 and incorporated herein by reference.                                                                                                                                                                    |
| 10.2           | Credit Agreement dated January 11, 2008 between GS COES (Yorkville I), LLC and YA Global Investments, LP – filed as an Exhibit to the Current Report on Form 8-K filed on January 13, 2008, and incorporated herein by reference.                                                                                                                               |
| 10.3           | Global Guaranty Agreement dated January 11, 2008 among Viridis Capital LLC, Kevin Kreisler, Carbonics Capital Corporation, GreenShift Corporation, GS AgriFuels Corporation, each of their subsidiaries, and YA Global Investments, LP – filed as an Exhibit to the Current Report on Form 8-K filed on January 13, 2008, and incorporated herein by reference. |
| 31.1           | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                      |
| 32.1           | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                       |

| By:   | /S/                 KEVIN KREISLER                      KEVIN KREISLER                      Chief Executive Officer |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date: |                      April 15, 2010                                                                                                                                                                                                                                                                                              |

|   | /S/                 KEVIN KREISLER                      KEVIN KREISLER                      Chief Executive Officer, Director |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date:  |                      April 15, 2010                                                                                                                                                                                                                                                                                                             |

|   | /S/                 JACQUELINE FLYNN                      JACQUELINE FLYNN                      Chief Financial Officer, Principal Accounting Officer |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date:  |                      April 15, 2010                                                                                                                                                                                                                                                                                                                           |