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Convertible Debt
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6 Months Ended |
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Jun. 30, 2013
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| Convertible Debt [Abstract] | |
| Convertible debt |
Note 9 – Convertible debt
Related parties
On February 28, 2013 the Company entered into a $100,000 convertible promissory note with a director of the Company. The convertible promissory note is convertible at $0.15 and carries interest at 10%. Interest is payable quarterly through the maturity date of February 28, 2014. The Company recognized a beneficial conversion feature of $17,851 which was recorded as a discount to the convertible promissory notes with an offset to additional paid-in capital.
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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