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LOANS PAYABLE
9 Months Ended
Sep. 30, 2012
Loans Payable [Abstract]  
LOANS PAYABLE
NOTE D – LOANS PAYABLE
 
The loans payable consists of borrowings from two notes. One of these notes, with a carrying value of $680,000 and $540,000 at September 30, 2012 and December 31, 2011, respectively, was with a Company controlled by the Chief Executive Officer of the Company. The terms of the promissory notes are one year and bear interest at an annual rate of 6%. The notes may be repaid at any time prior to its due date without a prepayment penalty, however if any amount of the principal plus accrued interest remains unpaid after the notes due date then the annual rate of interest increases to 10% per annum. During the nine months ended September 30, 2012, the Company received proceeds of $167,500 from these borrowings and repaid $4,434 of these borrowings.