Quarterly report pursuant to Section 13 or 15(d)

NOTE PAYABLE

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NOTE PAYABLE
3 Months Ended
Mar. 31, 2012
Debt Disclosure [Abstract]  
Note 9 - NOTE PAYABLE

Notes payable is as follows:

 

    March 31,     December 31,  
    2012     2011  
             
Senior secured promissory note dated July 15, 2011, issued to an accredited investor, maturing July 15, 2012, bearing interest at a rate of 15% per annum.  Interest shall be paid in cash or common stock at the holders’ option.   $ 250,000     $ 250,000  
    $ 250,000     $ 250,000  

 

The senior secured promissory notes are secured by shares of common stock.  The $250,000 note is secured by 1,500,000 shares of common stock and has accrued interest of $26,973 as of March 31, 2012.