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EXCEL - IDEA: XBRL DOCUMENT - PayMeOn, Inc.Financial_Report.xls
10-K - ANNUAL REPORT - PayMeOn, Inc.mmax_10k.htm
XML - IDEA: XBRL DOCUMENT - PayMeOn, Inc.R6.htm
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EX-23.1 - CONSENT - PayMeOn, Inc.mmax_ex23z1.htm
EX-14.1 - CODE OF BUSINESS CONDUCT AND ETHICS - PayMeOn, Inc.mmax_ex14z1.htm
EX-31.2 - CERTIFICATION - PayMeOn, Inc.mmax_ex31z2.htm
EX-31.1 - CERTIFICATION - PayMeOn, Inc.mmax_ex31z1.htm
EX-32.1 - CERTIFICATION - PayMeOn, Inc.mmax_ex32z1.htm
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XML - IDEA: XBRL DOCUMENT - PayMeOn, Inc.R14.htm
v2.4.0.6
NOTES PAYABLE
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
NOTES PAYABLE

 

NOTE 6 – NOTES PAYABLE

On December 5, 2010, the Company borrowed $15,000 pursuant to a note payable. The note bears interest at a rate of 10% per annum and is payable upon demand by the holder after March 10, 2011. As additional consideration the holder is entitled to receive 100,000 shares of common stock in a newly formed entity if the Company completed the merger by March 10, 2011. If the Company completed the merger after March 10, 2011 the holder is entitled to 150,000 shares of common stock in the newly formed entity. If the Company did not complete the merger, the holder is not entitled to any shares of common stock. The Company completed the Merger on March 16, 2011 and issued 150,000 shares of common stock valued at a recent cash offering price of $18,750 ($.125 per share) as additional consideration. The Company repaid the note on March 23, 2011.

On January 21, 2011, the Company borrowed $15,000 pursuant to a convertible note payable. The note bears interest at a rate of 10% per annum and is payable July 20, 2011. If the Company completes the merger prior to July 20, 2011 the note and accrued interest automatically converts into 144,000 shares of common stock in the newly formed entity. If the Company has not completed the merger by July 20, 2011, the note and accrued interest is due the holder. On March 16, 2011, the Company completed the merger and issued 144,000 shares of common stock value at a recent cash offering price of $18,000 ($.125 per share) for principal of $15,000. On March 16, 2011, when the loan became convertible and was repaid, the Company recorded a beneficial conversion expense of $3,000 in interest expense and paid accrued interest of $99.

On February 3, 2011, the Company borrowed $15,000 pursuant to a note payable. The note bears interest at a rate of 10% per annum and is payable upon demand by the holder after March 10, 2011. As additional consideration the holder is entitled to receive 100,000 shares of common stock in the newly formed entity if the Company completed the merger by March 10, 2011. If the Company completed the merger after March 10, 2011, the holder is entitled to 150,000 shares of common stock in the newly formed entity. The Company completed the Merger on March 16, 2011, and issued 100,000 shares of common stock valued at a recent cash offering price of $12,500 ($.125 per share) as additional consideration. The Company repaid the note on March 23, 2011.