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EXCEL - IDEA: XBRL DOCUMENT - TRILLIANT EXPLORATION CORPFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - TRILLIANT EXPLORATION CORPR3.htm
XML - IDEA: XBRL DOCUMENT - TRILLIANT EXPLORATION CORPR6.htm
XML - IDEA: XBRL DOCUMENT - TRILLIANT EXPLORATION CORPR1.htm
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EX-31.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER - TRILLIANT EXPLORATION CORPex-31_1.htm
EX-31.2 - CERTIFICATION OF PRINCIPAL ACCOUNTING OFFICER - TRILLIANT EXPLORATION CORPex-31_2.htm
EX-32.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER - TRILLIANT EXPLORATION CORPex-32_1.htm
10-Q - QUARTERLY REPORT - TRILLIANT EXPLORATION CORPttxp-10q_033112.htm
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CONVERTIBLE NOTE PAYABLE ISSUED DURING PERIOD ENDED MARCH 31, 2012
3 Months Ended
Mar. 31, 2012
Convertible Note Payable Issued During Period Ended March 31 2012  
CONVERTIBLE NOTE PAYABLE ISSUED DURING PERIOD ENDED MARCH 31, 2012
NOTE 2 - CONVERTIBLE NOTE PAYABLE  ISSUED DURING PERIOD ENDED MARCH 31, 2012

The Company issued a $20,000 Convertible Note with a maturity date of March 16th, 2013. The note bears interest at a rate of 10% and is convertible into the Company’s common stock at any time at the holder’s option, at the conversion rate of 25% discount of the two lowest closing bid prices reported during the ten days preceding the closing date prior to notice of conversion.

The Company identified embedded derivatives related to the Convertible Note. These embedded derivatives included certain conversion features. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the derivatives as of the inception date of the Convertible Note and to adjust the fair value as of each subsequent balance sheet date. At the inception of the Convertible Note, the Company determined a fair value of $19,471 of the embedded derivative. The fair value of the embedded derivative was determined using the Black Scholes Model based on the following assumptions:

Dividend yield:
   
-0-
%
Volatility
   
464.89
%
Risk free rate:
   
0.33
%

The initial fair value of the embedded debt derivative of $7,195 was allocated as a debt discount with the remainder ($12,276) charged to current period operations as interest expense.
 
 
The fair value of the described embedded derivative of $19,411 as of March 31, 2012 (unaudited) was determined using the Black Scholes Model with the following assumptions:
 
   
2012
 
Dividend yield:
    -0- %
Volatility
    464.89 %
Risk free rate:
    0.33 %

At March 31, 2012 (unaudited), the Company adjusted the recorded fair value of the derivative liability to market resulting in non-cash, non-operating gain of $60, respectively.