Notes Payable

6 Months Ended

Jun. 30, 2012

Other Notes Payable [Abstract]

Notes Payable

NOTE 6 -   Notes Payable

The Company has issued promissory notes or loan acknowledgements to independent third parties as follows: (a) $250,000 bearing interest at 9% per annum repayable once the Company raised $6,000,000 through the sale of securities; (b) $500,000 without interest repayable on or before May 11, 2011 and (c) $500,000 without interest repayable on a to be agreed date.  These amounts remain outstanding.

During 2011 and the first half of 2012, the Company and its subsidiary borrowed an aggregate of $907,537 from current and former executive officers and directors and a shareholder of the Company to meet the working capital needs of the Company’s subsidiary.  Loans aggregating $244,655 bear interest at 9% per annum, and the other loans are non-interest bearing.  These amounts remain outstanding.