Transfers and Servicing

3 Months Ended

Jun. 30, 2011

Transfers and Servicing

Accounting for Certain Loans and Debt Securities Acquired in Transfer Disclosure [Text Block]

NOTE 5-         SHORT-TERM LOANS

The Company was advanced $125,000 from seventeen (17) individuals/companies for amounts ranging between $5,000 and $45,000 each during the year ended December 31, 2008. These amounts were converted into 1,041,348 shares of common stock.

In December 2008, the Company entered into three notes payable on demand in the amounts of $20,000 (CD$), $10,000 (CD$) and $24,990 (CD$) loan. All of these loans accrue interest at 5% per annum. The Company has repaid $7,530 (CD$) at the end of December 2008, and has $17,460 (CD$) remaining due on this note. In addition, the Company in the year ended December 31, 2009, was advanced another $123,277 (CD$). In the year ended December 31, 2010, the Company was advanced $120,686 (CD$) (net) for additional working capital. The Company was advanced another $9,000 in short-term loans and repaid $500 in short-term notes to its President during the six months ended June 30, 2011. The total outstanding due on these notes as of June 30, 2011 is $290,923 (CD$) or $301,687 (US$). Of this amount, $50,256 (US$) was advanced by the Company’s President and is noted as short-term loans – related party on the balance sheet.

The Company had accrued interest at 5% to 10% per annum on these notes and accrued $37,460 as of June 30, 2011. Interest expense for the six months ended June 30, 2011 and 2010 is $10,391 and $6,058, respectively.