Ë¿¹ÏÊÓƵ

Quarterly report pursuant to sections 13 or 15(d)

5. Loans Payable

v2.4.0.6
5. Loans Payable
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
5. Loans Payable

 

During 2009, the Company received advances aggregating $200,000 from three individuals.  Of the total funds received, $50,000 was received from a related party.  From the date the funds were received through the date the loans were converted into convertible promissory notes payable, the loans were non-interest bearing demand loans and, therefore, no interest expense was recognized or due.  As of December 31, 2011, the entire balance of the loans payable is included in long-term liabilities as the Company, in February 2012, has converted the loans into long-term convertible notes payable (See Notes 6 and 11).