CONVERTIBLE NOTES PAYABLE (Details Textual) (USD $)
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1 Months Ended | 9 Months Ended | ||||
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Sep. 30, 2013
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Aug. 31, 2013
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Apr. 30, 2013
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May 31, 2009
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Sep. 30, 2013
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Aug. 02, 2013
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Number Of Common Stock Warrants Issued | 300,000 | |||||
Class Of Warrant Or Right Term | 3 years | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 3.00 | 3.00 | ||||
Secured Subordinate Convertible Notes Conversion Description | the Note holder may convert his or her Note into shares of the Companys common stock (at ninety percent (90%) of the average closing price ten (10) days prior to conversion, unless a public offering is pending at the time of the conversion notice, which would result in the conversion price being the same price as the offering).The conversion price is subject to a floor of one dollar ($1 USD) per share; | |||||
Secured Subordinate Convertible Notes Redemption Description | the Note holder has the right to redeem the Note for a period of sixty (60) days following the eighteen (18) month anniversary of the issuance of the Note, unless a capital raise is conducted within eighteen (18) months after the issuance of the Note | |||||
Debt Instrument, Face Amount | $ 3,000,000 | $ 3,000,000 | ||||
Fair Value Of Conversion Features | 2,265,600 | 2,265,600 | ||||
Fair Value Of Warrants | 884,600 | 884,600 | ||||
Debt Instrument, Fair Value Disclosure | 3,150,200 | 3,150,200 | ||||
Debt Discount On Conversion Features And Warrants | 3,000,000 | 3,000,000 | ||||
Interest Expense, Short-term Borrowings, Total | 150,200 | |||||
Stock Issued During Period, Shares, Issued For Services | 25,000 | 300,000 | 4,000 | 5,000 | ||
Secured Subordinate Convertible Notes [Member]
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Debt Instrument, Face Amount | $ 3,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Debt Instrument, Term | 36 months | |||||
Debt Instrument, Description | the Note holders shall receive ten percent (10%), pro rata, of the net profit of the Nottingham, England Hooters restaurant, paid quarterly for the life of the location, and ten percent (10%) of the net proceeds should the location be sold |
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- Definition
The term at which common stock warrants exercisable. No definition available.
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Represents the amount of debt discount on conversion features and warrants. No definition available.
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- Definition
Represents the fair value of conversion features. No definition available.
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- Definition
Represents the fair value of warrants. No definition available.
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- Definition
Number of common stock warrants issued. No definition available.
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The description of secured subordinate convertible notes conversion. No definition available.
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The description of secured subordinate convertible notes redemption. No definition available.
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- Definition
Exercise price per share or per unit of warrants or rights outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Identification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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- Definition
The aggregate interest expense incurred on short-term borrowings including commercial paper and Federal funds purchased and securities sold under agreements to repurchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders. No definition available.
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