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v2.4.0.6
LONG TERM CONVERTIBLE NOTE PAYABLE
3 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
LONG TERM CONVERTIBLE NOTE PAYABLE

NOTE 3 - LONG TERM CONVERTIBLE NOTE PAYABLE

 

Long-term debt at September 30, 2012 and December 31, 2011 are as follows:

 

    September 30, 2012 (unaudited)    

December 31,

 2011

 
        Note payables   $ 45,000     $  
        Total     45,000        
        Less: current portion            
        Long term portion   $ 45,000     $  

 

On June 21, 2012, the Company issued a $20,000 note to an unrelated party, unsecured and bearing an interest rate of 7.5% per annum, due two years from date of issuance. The note is convertible into the Company’s common stock at a conversion rate of $1.00 per share.

 

On June 22, 2012, the Company issued a $15,000 note to an unrelated party, unsecured and bearing an interest rate of 7.5% per annum, due two years from date of issuance. The note is convertible into the Company’s common stock at a conversion rate of $1.00 per share.

 

On September 12, 2012, the Company issued a $10,000 note to an unrelated party, unsecured and bearing an interest rate of 7.5% per annum, due two years from date of issuance. The note is convertible into the Company’s common stock at a conversion rate of $1.00 per share.