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NOTES PAYABLE
3 Months Ended
Mar. 31, 2013
NOTES PAYABLE  
NOTES PAYABLE

NOTE 3. NOTES PAYABLE.

 

Our former President and then sole director, Barbara J. Smith, loaned us a total of $11,846 to pay for further research and development and for general corporate overhead.  This loan bears interest at an annual rate of 6.5%, was due on July 15, 2004 and was convertible at Ms. Smith's option into shares of our common stock at $0.25 per share.  This loan has not been repaid and Ms. Smith has declined to convert the outstanding balance into shares.  Accordingly, the entire balance of the loan continues to be outstanding and we continue to accrue interest on the balance outstanding.  As of March 31, 2013 and December 31, 2012 accrued interest amounted to $7,318 and $7,129, respectively.