Quarterly report pursuant to Section 13 or 15(d)

NOTE PAYABLE (Tables)

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NOTE PAYABLE (Tables)
 6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Notes payable

Notes payable is as follows:

 

    June 30,     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  
                 
Unsecured promissory demand note dated May 7, 2012, issued to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share.       5,000         -  
                 
Unsecured promissory note dated June 11, 2012, issued to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share.       24,982         -  
    $ 279,982     $ 250,000