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4. Lines of Credit

3 Months Ended

Mar. 31, 2012

Linesof Credit Related Party

4.     Lines of Credit

The Company has two lines of credit as follows:

Creditor	Interest Rate	Borrowing Limit	Repayment Terms	Principal Outstanding	Accrued Interest	Total	Security	Purpose
Chairman	1% per Month	$2,500,000	Due on Demand	$  1,194,792	$   82,087	$ 1,276,879	General Security over Assets	Sales and Marketing Program
Wife of Chairman	1% per Month	$2,000,000	Due on Demand	$  1,735,330	$ 248,230	$ 1,983,560	General Security over Assets	Operations, Product Development
Total				$  2,930,122	$ 330,317	$ 3,260,439

On March 6, 2011, the Chairman of the Company established a line of credit of up to $2.5 million with the Company for the exclusive purpose of funding the costs of a comprehensive sales and marketing campaign.

On May 25 2010, the Company finalized negotiations with a relative of the Chairman for a line of credit borrowing arrangement of $1 million. All funds borrowed bear interest at 1% per month, are due on demand and are secured by all the assets of the Company. On January 3, 2011, the Company entered into an agreement with this creditor to increase the borrowing limit from $1 million to $2 million.

As consideration for the two lines of credit, the Company has granted 60,000,000 options (note 5(c)).

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- Definition

Description of a contractual arrangement, letter of credit, with a related party lenders, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line of credit. As consideration for the lines of credit the related parties are granted options.

+ References

No definition available.

+ Details

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