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Convertible Notes Payable (Narrative) (Details) (Collins Note, USD $)
1 Months Ended
Dec. 31, 2012
Sep. 30, 2013
Jun. 30, 2013
Collins Note
     
Amount of Convertible Promissory Notes   $ 100,000 $ 100,000
Interest rate on convertible notes   12.00%  
Debt instrument, description

On December 17, 2012 we issued a convertible promissory note payable to a private party, in the amount of $100,000 with an interest rate of 12% per annum and due May 31, 2014. The note is unsecured, convertible into shares of our common stock at a conversion price of $0.03 any time during the life of the note. The note was still outstanding as of September 30, 2013. Upon issuance of the note, the trading price of the Company's common stock was also $0.03/share which is the same as the note's conversion price. As such, there was no beneficial conversion feature. Also, 3,333,333 fully vested warrants with a fair value of $90,106 were issued in connection with this note. The warrants are exercisable at $0.07/share and will expire in 3 years. The fair value of the warrants was recorded as a note discount and is being amortized to interest expense over the term of the note. As of June 30, 2013, the outstanding balance of note amounted to $44,826 consisting of outstanding principal of $100,000 less discount of $55,174.

During the three months ended September 30, 2013, the Company recognized and paid interest expense of $3,000 and amortized the note discount for $15,018. As of September 30, 2013, the outstanding balance of Convertible Notes Payable (net of discount) as recorded on the balance sheet amounted to $59,844 consisting of outstanding principal of $100,000 less discount of $40,156 and with unpaid interest of $1,000.

 

 

 

   
Debt Instrument, Maturity Date May 13, 2014    
Conversion Price, per share   $ 0.03  
Warrants issued in connection with note   3,333,333  
Unamortized note discount   40,156 55,174
Interest payable   1,000  
Interest expense $ 3,000