v2.4.0.8
NOTE 3 - CONVERTIBLE NOTE, OFFICERS
6 Months Ended
Jun. 30, 2013
Disclosure Text Block [Abstract]  
Long-term Debt [Text Block]
NOTE 3 - CONVERTIBLE NOTE, OFFICERS

On January 1, 2011, the Company obtained a convertible note from Frank Yuan, the Company's Chief Executive Officer (“CEO”), and his family which provides for borrowings up to a maximum of $1,800,000 and is due on demand. The note carries an interest rate of 6.0% per annum and is convertible into the Company's equity securities at a conversion price of $0.04 given a written notice of the contemplated conversion describing in reasonable detail the material terms of such equity securities and of the issue is provided.

The balance of convertible note as of June 30, 2013 was $1,293,281; the accrued and unpaid interest on the note was $243,448 which is included in accounts payable and accrued expenses. The balance of convertible note as of December 31, 2012 was $1,599,418 and the accrued and unpaid interest on the note was $201,170.