XML 24 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Notes Payable
3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Note 5. Notes Payable

On July 25, 2011, repayment for $25,000 was made for the $50,000 note due to Landolt, a company owned by a director of the Company. At which time the note was assigned to MeM Mining, Inc. MeM is controlled by, Mendel Mochkin, a director of the company. As of March 31, 2012 and December 31, 2011, the Principle balance due was $25,000, is unsecured and is due January 2013 with accrued interest at 5%.

 

On March 28, 2012 the Company received $30,000 from First Line Capital, in exchange for an unsecured note bearing interest at 8%. The principal and interest is payable in full on March 28, 2013.

 

 On March 28, 2012 the Company received $8,000 from First Line Capital. It represents overfunded amount and was returned to First Line Capital on April 9, 2012. The amount was recorded as accounts payable as of March 31, 2012.