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NOTES PAYABLE
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||
| NOTES PAYABLE |
Current
Asher Enterprises. In May, 2012 the Company entered into a Securities Purchase Agreement with an accredited investor. Asher Enterprises Inc. for the sale of a Convertible Promissory Note in the aggregate principal amount of $57,500. The proceeds of the note are to be used for general working capital purposes. The note bears interest at 8% per annum and matures February 4, 2013. The note is convertible into shares of common stock beginning 180 days from the date of the note at a conversion price of 61% of the average of the lowest three trading prices of Company common stock during the ten trading days of the OTCBB preceding the conversion date. The number of shares issuable upon conversion is proportionately adjusted to reflect any stock dividend, split or similar event.
Special Situation Fund One Note. On March 12, 2012 the Company arranged a debt swap under which an Asher Enterprises note for $40,000 was swapped to Special Situations Fund One for the Asher note plus $21,490.90, total $61,490.90. The notes have the same characteristics as the Asher note described above. Vista Capital Investments. In June, 2012 the Company entered into a Securities Purchase Agreement with an accredited investor. Vista Capital Investments for the sale of a Convertible Promissory Note in the aggregate principal amount of $57,500. The proceeds of the note are to be used for general working capital purposes. The note bears interest at 8% per annum and matures December 15, 2012. |
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