SAGEMARK COMPANIES LTD

CIK:0000089041|SEC Filings

Disclosure of Discontinued Operations

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 9 – Disclosure of Discontinued Operations

In 2008 we discontinued all of our PET and PET/CT imaging operations. The following tables provide information regarding such former operations as of September 30, 2012 and December 31, 2011 and the related summary of discontinued operations for the nine months ended September 30, 2012 and 2011.

	September 30, 2012			December 31, 2011

Liabilities:
Accounts payable	$	273,000		$	272,000
Judgments and liens		2,432,000			2,240,000
Liabilities to be disposed		2,705,000			2,512,000

Net liabilities to be disposed	($	2,705,000	)	$	(2,512,000	)

For the Nine Months Ended	September 30, 2012			September 30, 2011

Operating Expenses
General and administrative expenses	$	0		$	1,000

Total operating expenses		0			1,000

Loss from operations		(192,000	)		(172,000	)
Interest expense

Net Loss	$	(192,000	)	$	(172,000	)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Cash Flows - Operating Activities
Net Loss	$ (466,000)	$ (515,000)
Changes in assets and liabilities:
Accounts payable	(50,000)	112,000
Accrued consulting fee - related party	135,000	135,000
Accrued interest - note payable	30,000	25,000
Accrued interest - judgment & liens from discontinued operations	192,000	172,000
Net Cash - Operating Activities	(159,000)	(71,000)
Cash Flows - Financing Activities
Proceeds from note payable - related party	10,000	13,000
Proceeds from shareholder loans	149,000	50,000
Net Cash - Financing Activities	159,000	63,000
Net Increase (Decrease) in Cash	0	(8,000)
Cash - Beginning of Period	3,000	8,000
Cash - End of Period	3,000	0
Supplemental Disclosure of Cash Flow Information:
Interest	0	0
Income Taxes	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash	$ 3,000	$ 3,000
TOTAL ASSETS	3,000	3,000
LIABILITIES AND SHAREHOLDERS' DEFICIENCY
Accounts payable	684,000	734,000
Accrued consulting fee - related party	640,000	505,000
Shareholders' loans	319,000	170,000
Notes payable and interest - related parties	446,000	407,000
Liabilities of discontinued operations	2,705,000	2,512,000
Total Current Liabilities	4,794,000	4,328,000
Commitments and Contingencies
Shareholders' Deficiency:
Preferred stock, par value $1.00 per share (2,000,000 authorized, 2,962 issued and outstanding)	3,000	3,000
Common stock, par value $0.01 per share (25,000,000 authorized; 8,008,261 shares issued and outstanding)	80,000	80,000
Additional paid in capital	71,339,000	71,339,000
Accumulated deficit	(76,353,000)	(75,887,000)
Total Company Shareholders' Deficiency	(4,931,000)	(4,465,000)
Noncontrolling Interests	140,000	140,000
Total Shareholders' Deficiency	(4,791,000)	(4,325,000)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY	$ 3,000	$ 3,000