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Notes Payable
9 Months Ended
Sep. 30, 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 September 30, 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%. As of September 30, 2012, the principal due was $30,000, is unsecured and is due in full plus accrued interest on March 28, 2013.

 

On September 13, 2012, the Company received $15,000 from Mr. Sternheim, CEO of the Company as an unsecured non-interest bearing loan. As of September 30, 2012, the principal due was $15,000, is unsecured and is due on demand.