|
Going Concern Matters
|
9 Months Ended |
|---|---|
|
Sep. 30, 2012
|
|
| Going Concern Matters [Abstract] | |
| GOING CONCERN MATTERS | NOTE G – GOING CONCERN MATTERS
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements for the three and nine month periods ended September 30, 2012, the Company incurred an operating loss of ($82,993) and ($316,100), respectively. In addition, the Company had a deficiency in stockholder’s equity of ($607,974) and ($291,526) at September 30, 2012 and December 31, 2011, respectively. The Company entered into a Convertible Promissory Note on July 23, 2010. The Convertible Promissory Note accrues interest at 18% per annum which is payable and due quarterly, and matured on July 23, 2012. The balance outstanding at September 30, 2012 was $150,000 plus accrued interest of $27,063. During 2011, the Company entered into two Convertible Promissory Notes. The Convertible Notes are unsecured and accrue interest 8% per annum payable upon maturity. The balance outstanding at September 30, 2012 was $58,000 plus accrued interest of $6,843. The notes were in default at September 30, 2012. These factors among others may indicate that the Company will be unable to continue as a going concern. |