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General form of registration statement for all companies including face-amount certificate companies

8. Loans Payable

v2.4.0.6
8. Loans Payable
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
8. 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 9 and 15).