NOTES PAYABLE
3 Months Ended
Jun. 30, 2012
NOTES PAYABLE:  
NOTES PAYABLE

NOTE 4 - NOTES PAYABLE

 

.

 

June 30, 2012

 

December 31, 2011

Note payable to an entity owned and controlled by a former officer and director of the Company, unsecured, 0% interest, due upon demand

 

$ 9,400

 

$ 9,400

 

 

 

 

 

Note payable to a former officer, director and shareholder, unsecured, 0% interest, due upon demand

 

160

 

160

 

 

 

 

 

Note payable to an entity owned and controlled by a former officer and director of the Company, unsecured, 10% interest, due July 2010,  in default as of June 30, 2012

 

800

 

800

 

 

 

 

 

Note payable to an entity owned and controlled by a former officer and director of the Company, unsecured, 10% interest, due August 2010, in default as of June 30, 2012

 

1,400

 

1,400

 

 

 

 

 

Note payable to an unrelated third party, unsecured, $3,000 in debt discount, due May 2012, in default as of June 30, 2012, holds no default provisions and no financial impact due to default

 

30,250

 

30,250

 

 

 

 

 

Unamortized debt discount

 

-

 

(900)

 

 

 

 

 

Notes Payable - Current

 

$ 42,010

 

$ 41,110

 

Interest expense for the three months ended June 30, 2012 and 2011 was $1,015 and $1,975, respectively.  Interest expense for the six months ended June 30, 2012 and 2011 was $2,990 and $2,989, respectively.