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10. CONVERTIBLE DEBENTURE
9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
10. CONVERTIBLE DEBENTURE

On September 3, 2013, the Company issued a total of $425,000 of Unsecured Subordinated Convertible Debentures (“Debentures”). The Debentures mature on January 31, 2016 and bear interest at a rate of 12% per annum, which shall be paid quarterly in arrears. The December 31, 2013 interest payment will represent accrued and unpaid interest from the date of issuance. The Debentures shall be convertible into the Common Stock of the Company at a conversion rate of $0.07 per share at any time prior to the maturity date. Of theses $425,000 convertible debenture, $100,000 and $50,000 convertible debentures was issued in settlement of loans and accrued consulting fees, respectively.