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Subsequent Event
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

16. Subsequent Event

 

As disclosed in Note 7 – Notes Payable, on August 7, 2012, the Company issued the $400,000 Note to JMJ. The initial consideration received on August 8, 2012 was $100,000, and the Company has not received any further consideration to date from JMJ. Under the terms of the $400,000 Note, if the $400,000 Note is repaid with an approximate 10% OID within ninety (90) days of August 8, 2012, the interest rate is zero percent (0%). On November 8, 2012, the Company and JMJ entered into an amendment to the $400,000 Note extending the repayment date to 180 days from August 8, 2012 for a fee of 15% added to the $400,000 Note such that the current balance on the $400,000 Note equals the $100,000 consideration plus the $11,111.11 original issue discount plus the 5% one-time interest charge of $5,555.55 plus the 15% extension fee of $17,500.00 for a total current balance due of $134,166.66. If the Company repays the $400,000 Note on or before 180 days from August 8, 2012, an additional prepayment fee of 15% shall be added to the outstanding balance of the $400,000 Note such that the total balance due to JMJ would be $154,291.66. All other terms and conditions of the $400,000 Note remain unchanged.