XML 17 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
3. Short Term Note Payable To Bsfg
 3 Months Ended
Sep. 30, 2012
Notes  
3. Short Term Note Payable To Bsfg

3. Short Term Note Payable to BSFG

 

On January 1, 2010, Youchange, Inc. entered into a $75,000 note payable agreement with the previous shareholders of BSFG, which, together with a $50,000 cash payment and the issuance of 291,200 common shares following the reverse merger, was used to complete the reverse merger with BSFG. The payable was due in two equal installments, which were due on April 1, 2010 and June 30, 2010.  In the event we failed to pay the first installment in full, under the terms of the agreement, the entire balance would accrue interest at 9.0% per annum retroactive from January 1, 2010. We may pay this interest penalty in cash or stock at a price of $0.25 per share, at our option.  The first payment of $37,500 was paid when due on April 1, 2010.  In September 2012, the note was sold to a third party who agreed to convert the note to shares of the Company’s common stock at a conversion rate of $1.00 per share.  As of September 30, 2012, the second payment of $37,500 has not been paid nor has the conversion of the note occurred.