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EXCEL - IDEA: XBRL DOCUMENT - Novagen Ingenium Inc.Financial_Report.xls
10-Q - NOVAGEN 10-Q - Novagen Ingenium Inc.novagen_10q-093012.htm
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v2.4.0.6
4. NOTES PAYABLE
9 Months Ended
Sep. 30, 2012
Notes Payable [Abstract]  
NOTE 4: NOTES PAYABLE

The Company entered into four notes payable at the end of March 2012, with subsequent increases to the amounts borrowed in the September 2012 quarter. As at September 30, 2012 the notes total $433,752 Australian Dollars ($466,197 US Dollars). These notes are demand notes with no guarantee, no stated maturity date bearing 5% annual interest on un-matured amounts and 10% on matured, unpaid amounts. As demand notes these notes are considered current liabilities. No interest was accrued as of September 30, 2012 and the reported balance owing in US Dollars was $466,197. These loans were from officers and affiliates of the Company.