XML 29 R12.htm IDEA: XBRL DOCUMENT

NOTE PAYABLE IN DEFAULT

9 Months Ended

Sep. 30, 2013

NOTE PAYABLE IN DEFAULT [Text Block]

6.	NOTE PAYABLE – IN DEFAULT

On March 3, 2011, the Company obtained a $50,000 loan from an unrelated party. The loan is evidenced by a note payable dated March 3, 2011, bearing interest at 5% per annum. The note payable plus accrued interest was due on March 3, 2012 and is currently in default. As of December 31, 2012, outstanding note balance amounted to $50,000 and unpaid interest of $4,581.

During the three months and nine months ended September 30, 2013, the Company accrued $625 and $1,876 in interest payable under the note respectively, as compared to $625 and $1,875 for the three months and nine months ended September 30, 2012. As of September 30, 2013, outstanding note balance amounted to $50,000 and unpaid interest of $6,457.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details