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CONVERTIBLE PROMISSORY NOTES PAYABLE
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9 Months Ended |
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Sep. 30, 2011
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| Convertible Promissory Notes Payable Disclosure [Abstract] | |
| CONVERTIBLE PROMISSORY NOTES PAYABLE | NOTE H - CONVERTIBLE PROMISSORY NOTES PAYABLE
The Company entered into a Convertible Promissory Note in July 2010. The Convertible Note accrues interest at 18% per annum which is payable and due quarterly. The note holders have the option to convert any unpaid note principal and accrued interest to the Company’s common stock at a rate of 75% of the average closing price of the last ten days of trading any time after the issuance date of the note.
In accordance with Emerging Issues Task Force Issue 98-5, Accounting For Convertible Securities With a Beneficial Conversion Feature or Contingently Adjustable Conversion Ratios (EITF 98-5), the Company allocated, on a relative fair value basis, the net proceeds amongst the common stock, convertible notes and warrants issued to the investors. During the nine months ended September 30, 2011 the Company recognized $12,329 as a gain in the beneficial conversion feature. |