NOTE 3 – NOTE PAYABLE
During the year ended December 31, 2011 the Company entered into an agreement with a financing company to finance the cost of D&O executive and organization liability insurance premium. The insurance policy is effective until July 30, 2012 and there is a balance still owed on the premium as of September 30, 2011 of $20,013.
Payments under the financing agreement are due in monthly installments of $2,501.62 including interest at 9.24% through May 31, 2012. The balance payable under the financing agreement was $Nil and $8,578 as of September 30, 2011 and December 31, 2010.