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NOTE 3 - CONVERTIBLE NOTE, OFFICERS
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6 Months Ended |
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Jun. 30, 2013
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| 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.
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