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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
NOTE 17- SUBSEQUENT EVENTS

            Between January 1, 2012 and April 16, 2012, the Company issued additional promissory notes in the aggregate principal amount of $ 75,000 (the “2012 Notes”). The 2012 Notes accrue interest at the rate of 8% per annun, and are due and payable on June 30, 2012. In addition, for each $10,000 principal amount of  2012 Notes issued in connection will the issuance of the 2012 Notes. The Company issued the holders thereof 50,000 shares of its Common stock, resulting in the issuance of  375,000 shares of Common Stock.

 

The 2011 Notes are currently due and payable upon demand. The Company currently has insufficient cash resources to pay the 2011 Notes. The Company is currently negotiating a restructuring of the 2011 Notes to extend the maturity date thereof. No assurances can be given that the Company will be able to successfully restructure the 2011 Notes.