Related Party Transactions

6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 10 – Related Party Transactions

The Company is indebted to InsOglass Holding SA, a business organization controlled by the Company’s Chief Executive Officer, for approximately $642,144 of loans made by such entity to the Company during 2011 and the first half of 2012 to meet the working capital needs of the Company and its subsidiary.  On June 1, 2012, the Company entered into a Loan Agreement with InsOglass Holding SA, pursuant to which InsOglass Holding SA agreed to make loans of up to $1,000,000 to the Company, including the loans made through June 30, 2012.  Such loans are interest-free, mature on April 1, 2013, are secured by certain assets of the Company’s subsidiary and are convertible, at the option of InsOglass Holding SA, into shares of common stock of the Company at a conversion rate of $0.10 per share.

On June 1, 2012, the Company issued 2,500,000 shares of common stock valued at $100,000 to SICG S.A., a business organization of which the Company’s Chief Financial Officer is the principal, in consideration of services rendered by SICG S.A. to the Company and its subsidiary.