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Subsequent Events
3 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Note 12. Subsequent Events

Between April 1, 2012 and May 15, 2012, the Company issued additional Notes in the aggregate principal amount of $60,000.  The Notes accrue interest at the rate of 6% per annun, and are due and payable on June 30, 2012.  In addition, for each $10,000 principal amount of Notes issued, the Company issued the holders thereof 50,000 shares of its Common stock, resulting in the issuance of 300,000 shares of Common Stock in connection with the issuance of the Notes.

 

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

 

During May 2012, the Company issued 300,000, 150,000 and 50,000 shares to William H. Fleming, Dr. Shalom Hirshman and Ann C. Carter, respectively, for an in consideration of services provided by each executive to the Company..