Notes Payable
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3 Months Ended |
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Mar. 31, 2012
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Other Liabilities {1} | |
Other Liabilities Disclosure [Text Block] |
NOTE 7 NOTES PAYABLE
On March 5, 2012, the Company issued an aggregate of four unsecured promissory notes payable for $11,325 each (aggregate of $45,300 due June 5, 2012 with a stated interest rate of 20% per annum, with fixed interest of $2,265 due upon maturity. In connection with the issuance of the above described promissory notes, the Company is obligated to issue 100,000 of its common stock per note (total of 400,000).
The Company recorded a debt discount of $3,000 per note based on the fair value of the Company's common stock at the issuance date of the promissory notes. The discount is amortized ratably over the term on the notes.
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