ADVANCES PAYABLE

6 Months Ended

Jun. 30, 2012

ADVANCES PAYABLE

4. ADVANCES PAYABLE

During the six months ended June 30, 2012, the Company has received working capital advances in the amount of $159,708. These advances are non-interest bearing and payable upon demand. The Company has imputed interest on these advances in the amount of $16,991 for the six months ended June 30, 2012. The imputed interest was recorded as an increase in additional paid-in capital.