Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

12.  Subsequent Events

Subsequent to December 31, 2011, and as previously reported on the Company's Current Report on Form 8-K dated February 7, 2012, the Company received an additional working capital loan on January 18, 2012 in the principal amount of $130,000 from the Majority Stockholder Trust.  The loan was unsecured and evidenced by a promissory note which accrued interest at the prime rate.  Interest and principal were due in one lump sum on the maturity date of January 8, 2013.  Also subsequent to December 31, 2011, and as previously reported on the Company's Current Report on Form 8-K dated February 7, 2012, the Company consolidated the Working Capital Notes (and their corresponding accrued interest) into one renewal note in the 2012 Le@P Consolidated Renewal Note in the amount of $777,062.04.  The principal and all accrued interest – at the rate of 3.75% per annum – under the 2012 Le@P Consolidated Renewal Note are due in one lump sum on June 30, 2013.

As previously reported, on February 7, 2012, Parkson replaced the 2011 Parkson Replacement Note and all accrued interest (aggregating $232,150.68) into the 2012 Parkson Replacement Note in the amount of $794,650.68. The 2012 Parkson Replacement Note bears interest at the rate of 3.75% per annum.  Both principal and interest are due in one lump sum on June 30, 2013.