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NOTES PAYABLE
12 Months Ended
Dec. 31, 2011
NOTES PAYABLE  
NOTES PAYABLE

7.             NOTES PAYABLE

 

Promissory Notes

 

During the year ended December 31, 2010, the Company received proceeds of $20,400 on an unsecured promissory note and repaid $9,500, leaving a balance owing of $10,900 at December 31, 2010. During the year ended December 31, 2011, the Company received further proceeds of $17,000 and settled $21,900 of loans through the issuance of shares of its common stock, leaving a balance owing of $6,000 at December 31, 2011.  The note bears interest at 10% per annum, which totaled $3,099, which remained outstanding at December 31, 2011.

 

Interest expense on the note during the years ended December 31, 2011 and 2010 totaled $2,331 and $nil, respectively.

During the year ended December 31, 2010, the Company received proceeds of $42,500 on an unsecured promissory note, which remained outstanding at December 31, 2010.  During the year ended December 31, 2011, the Company settled the loans through the issuance of shares of its common stock, leaving no balance owing at December 31, 2011.  The note bears interest at 10% per annum, with no interest outstanding at December 31, 2011.

 

Interest expense on the note during the years ended December 31, 2011 and 2010 totaled $nil and $nil, respectively.