XML 24 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 6 - Notes Payable
3 Months Ended
Jun. 30, 2012
Note 6 - Notes Payable:  
Note 6 - Notes Payable

NOTE 6 – NOTES PAYABLE

 

On September 8, 2011, an investor agreed to invest a total of $1,000,000 on or before September 30, 2012, and is to receive 24,000,000 restricted common shares upon the completion of such investment at a share price equal to $0.0416 per share. To date, the investor has invested $700,846, including $393,626 during the six months ended June 30, 2012.  The $700,846 has been invested in the form of convertible notes to date and the additional ‘bonus’ shares have not been issued or earned to date. The Company evaluated the embedded conversion features within the convertible debt under ASC 815 “Derivatives and Hedging” and determined the embedded conversion feature should be classified in equity.