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v2.4.0.6
LOANS PAYABLE AND GAIN ON FORGIVENESS OF DEBT
12 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
LOANS PAYABLE AND GAIN ON FORGIVENESS OF DEBT
5. LOANS PAYABLE AND GAIN ON FORGIVENESS OF DEBT

 

As of September 30, 2010, the Company had $541,864 in notes payable. During the year ended September 30, 2011, the Company converted some of those balances along with additional borrowings and accrued interest into common stock. During the year ended September 30, 2011, $743,256 of notes payables were converted into 4,642,517 shares of common stock.

 

As of September 30, 2011, the Company had a note payable in the amount of 7,500. The note was due on demand and accrued interest at 10%. In December of 2011, the principle balance of $7,500 was converted into 62,500 shares of common stock at fair market value. Accrued interest of $8,907 was forgiven and recorded as forgiveness of debt income. No balance remains on this loan as of September 30, 2012.

 

As of September 30, 2011, the Company had a note payable in the amount of $115,000. The note was due on October 24, 2011 and accrued interest at 6% and was convertible. The beneficial conversion feature of the note was valued and a discount was recorded in the amount of $57,500. During the year ended September 30, 2011, $51,112 of the discount was amortized into interest expense and $6,388 remained as a discount as of September 30, 2012. During the year ended September 30, 2012, the remaining $6,388 discount was amortized into interest expense and there is no discount remaining. In October of 2011, the $115,000 principle balance and $3,000 of accrued interest was converted into 4,916,666 shares of common stock at fair market value. No balance remains on this note as of September 30, 2012.

 

As of September 30, 2011, the Company had a note payable in the amount of $32,500. The note was due on June 6, 2012 and accrued interest at 8% and was convertible. The beneficial conversion feature of the note was valued and a discount was recorded in the amount of $15,275. During the year ended September 30, 2011, $1,697 of the discount was amortized into interest expense and $13,578 remained as a discount as of September 30, 2012. During the year ended September 30, 2012, the remaining $13,578 was amortized into interest expense and there is no discount remaining. This note was repaid in February of 2012 so no balance remains on this note as of September 30, 2012.

 

As of September 30, 2011, the Company had a note payable in the amount of $19,000. The note was due on demand and accrued interest at 6% and was convertible at the market value of the stock on the date the note was executed. There was no beneficial conversion feature related to this note. During the year ended September 30, 2012, an additional $121,800 was received on this loan bringing the balance to $140,800. In May of 2012, the principle balance of $140,800 was converted into 5,866,668 shares of common stock at fair market value. Accrued interest of $2,316 was forgiven and recorded as forgiveness of debt income. No balance remains on this note as of September 30, 2012.

 

As of September 30, 2011, the Company had a note payable in the amount of $16,677. The note is due in 60 monthly installments of $489.15. The note would mature in September of 2014. As of September 30, 2011, the long term portion of this loan was $12,331 and the current portion was $4,346. As of September 30, 2012, the balance due on this note is $12,331 of which $6,124 is long term and $6,207 is current.

 

As of September 30, 2011, the Company had unrelated third party loans payable of $170,111, net of discounts of $19,966. Of this amount $12,331 was long term and $158,380 was current.

 

In August of 2012, the Company borrowed $20,000. The note is due on demand and accrues interest at 5% per calendar month. As of September 30, 2012, the balance of the note is $20,000 and the balance of accrued interest is $1,000.

 

In April, July, and August of 2012, the Company borrowed $30,000, $20,000, and $20,000 from the same entity. The notes accrued interest at 4% per month, 1% per month, and 5% per month, respectively. The loans are payable on demand. The April note and the August note are convertible at a rate that was less than the fair market value of the stock on the date the note was executed. This beneficial conversion feature was calculated at $25,714 and was amortized into interest expense immediately since the notes are demand notes. As of September 30, 2012, the balance on these notes is $70,000 and the balance of accrued interest is $500.

 

As of September 30, 2012, the Company had unrelated third party loans payable of $102,331, net of no discounts. Of this amount $6,124 was long term and $96,207 was current.

 

During the year ended September 30, 2012, as detailed out above, the Company converted a total of $266,300 of debt into 10,845,834 shares of common stock. The company also recorded forgiveness of debt income relating to these conversions in the amount of $11,222. During the year the Company also had $12,159 of account payable forgiven to bring total forgiveness of debt income to $23,381for the year ended September 30, 2012.

 

Interest expense, including amortization of discounts, relating to these notes was $84,143 and $64,504 for the year ended September 30, 2012 and 2011, respectively.