Related Party Transactions

9 Months Ended

Sep. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions

Note 6. Related Party Transactions and Debt Repayment

During the nine months ended June 30, 2013, we borrowed $33,500 from related parties and repaid $10,000 of the borrowed amount.  In addition, a $310,000 note payable to a consultant of our Company and a related party dated December 31, 2012, initially matured on February 28, 2013; however, per the terms of the note, it automatically was extended until the date when we consummate a debt and/or equity financing resulting in gross proceeds to us of at least $310,000.  The related debt discount of $310,000 was fully amortized to interest expense during the nine months ended June 30, 2013.  During the same period, we also repaid $281,278 of the principal and $13,722 of accrued interest on this note.

As of September 30, 2013, the balance of notes payable to related parties, including advances, was $787,092.  We are currently engaged in negotiations to extend the term of notes payable to certain related parties.

During the nine-month period ended September 30, 2013, we also repaid $50,000 of the principal and $1,666 of accrued interest on a note previously issued to an unrelated third party on December 31, 2012.