XML 29 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROMISSORY NOTE
12 Months Ended
Dec. 31, 2011
PROMISSORY NOTE

Note 7:   PROMISSORY NOTE

 

During the year ended December 31, 2011, the Company issued a note in the amount of $100,000 (December 31, 2010 - $nil) towards future legal services, which matured July 24, 2011. As of December 31, 2011, the Company had received legal services in the amount of $68,072 and the difference of $31,928 is recorded as prepaid expenses and deposits. The note bears interest at 10% per annum and may be converted into shares at a conversion price of $0.23 per share at the lenders option.

 

The note became due on July 24, 2011 and the Company is in default of repayment. As of December 31, 2011, the Company is renegotiating the settlement of the note.