ADVANCES PAYABLE

9 Months Ended

Sep. 30, 2012

Other Liabilities Disclosure [Abstract]

ADVANCES PAYABLE

4. ADVANCES PAYABLE

During the nine months ended September 30, 2012, the Company has received working capital advances in the amount of $217,853. These advances are non-interest bearing and payable upon demand. The Company has imputed interest on these advances in the amount of $27,819 for the nine months ended September 30, 2012. The imputed interest was recorded as an increase in additional paid-in capital.