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Convertible Promissory Notes
9 Months Ended
Sep. 30, 2011
Debt Disclosure [Abstract]  
Convertible Promissory Notes

Note 5 – Convertible Promissory Notes

 

On August 19, 2011, Wizard World entered into stock subscription agreements with certain investors in connection with an offering of up to $455,000 principal amount of Convertible Promissory Notes.  The Notes accrue interest at an annual rate of 14% and are due four months from the issuance date.  The Notes are convertible at a per share price of $.60. These notes are currently in default.

 

In conjunction with the Notes, each investor was granted a Series A Common Stock Purchase Warrant exercisable for one share of common stock of the Company for each $2.00 of investment.  The Warrants have a five year term and are exercisable at $.60 per share, which may be paid via a cashless exercise.