| CONVERTIBLE NOTES PAYABLE |
The components of convertible notes payable are
summarized in the table below:
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
| |
|
|
|
|
|
|
| Notes payable to a unrelated parties, bearing interest at 8.5%, unsecured, convertible into shares of common stock, due on November 23, 2012 |
|
$ |
80,000 |
|
|
$ |
130,000 |
|
| Note payable to a related party, bearing interest at 8.5%, unsecured, convertible into shares of common stock, due on November 23, 2012 |
|
|
- |
|
|
|
50,000 |
|
| Note payable to an unrelated party, bearing interest at 8%, secured by the common stock of the Company, convertible into shares of common stock, due on September 12, 2012 |
|
|
- |
|
|
|
52,500 |
|
| Unamortized beneficial conversion feature on issuance of convertible debt |
|
|
(32,110 |
) |
|
|
(161,755 |
) |
| |
|
|
|
|
|
|
|
|
| Total |
|
$ |
47,890 |
|
|
$ |
70,745 |
|
|