|
CONVERTIBLE NOTES PAYABLE
|
6 Months Ended | ||
|---|---|---|---|
|
Jun. 30, 2011
|
|||
| Debt Disclosure [Abstract] | |||
| Long-term Debt [Text Block] |
During the three months ended March 31, 2011, the Company issued convertible notes payable with a total principal balance of $25,000 in exchange for an amount due a related party of $25,000. The convertible notes include interest at 10% per annum, which was payable quarterly beginning on April 1, 2010 until maturity on January 4, 2012. The convertible notes were convertible into our common stock at the rate of $1.75 per share. Convertible notes with a face value of $711,500 and accrued interest of $10,000 was converted into 412,286 shares of our common stock on March 30, 2011.
|