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NOTE 5 - CONVERTIBLE NOTE, OFFICERS
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3 Months Ended |
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Mar. 31, 2014
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| Convertible Debt [Abstract] | |
| Convertible Debt [Text Block] |
NOTE 5 - 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. On July 29, 2013, $229,760 of convertible note and interest was converted into 5,744,000 shares of common stock.
The balance of the convertible note as of March 31, 2014 was $192,279; the accrued interest on the note was $248,743 which is included in accounts payable and accrued expenses. The balance of convertible note as of December 31, 2013 was $676,505 and the accrued interest on the note was $241,882.
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