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NOTE PAYABLE, CONVERTIBLE - Related Party | 12 Months Ended
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Dec. 31, 2012
NOTE PAYABLE [Abstract] |
NOTE PAYABLE, CONVERTIBLE - Related Party | NOTE 8 - NOTE PAYABLE, CONVERTIBLE - Related Party
|  | As of December 31, |
|  | 2012 |  |  | 2011 |
Notes Payable - Convertible |  | Principal |  |  | Unamort Disc |  |  | Principal, Net of Discount |  |  | Principal |  |  | Unamort Disc |  |  | Principal, Net of Discount |
Related Party Affiliate |  | $ | 66,000 |  |  | $ | (41,047 | ) |  | $ | 24,953 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
|  | $ | 66,000 |  |  | $ | (41,047 | ) |  | $ | 24,953 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
On June 20 and 28, 2012, a related party who is an affiliate of the President and COO, made a non interest bearing short-term loan to the Company in the amount of $60,000. On August 15, 2012, this loan was exchanged for a one year original issue discount convertible note with detachable warrants. The face value of the note is $66,000. The $6,000 original issue discount is expensed as interest over the term of the note. The convertible note payable is convertible into 1,320,000 shares of the Company's common stock at a conversion rate of $0.05 per share. The Company has valued the beneficial conversion feature attached to the note using the intrinsic value method at a relative fair value of $28,571. The five-year warrants to purchase 1,320,000 shares of the Company's common stock at an exercise price of $0.10 were valued at a relative fair value of $31,429 based on using the Black-Scholes pricing model assuming a dividend yield of 0%, an expected volatility of 462.61%, and a risk free interest rate of .102%. The beneficial conversion feature and the relative fair value of the warrants are recorded as an increase to additional paid in capital and a discount to the note to be amortized to interest expense over the term of the note term. The net value of the note at December 31, 2012 is $24,953.

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