8. Loans Payable
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12 Months Ended |
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Dec. 31, 2012
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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). |
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- Definition
Custom Element. No definition available.
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