Quarterly report pursuant to sections 13 or 15(d)

NOTES PAYABLE TO STOCKHOLDERS

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NOTES PAYABLE TO STOCKHOLDERS
3 Months Ended
Dec. 31, 2012
NOTES PAYABLE TO STOCKHOLDERS [Abstract]  
NOTES PAYABLE TO STOCKHOLDERS

NOTE 4 -

NOTES PAYABLE TO STOCKHOLDERS

 

In November 2012, the Company entered into a promissory note for $10,000 with a stockholder. The note bears a 10% interest rate, is unsecured and is due on December 31, 2013.

 

In December 2012, the Company entered into a promissory note for $4,400 with a stockholder. The note bears a 10% interest rate, is unsecured and is due on December 31, 2013.

 

As discussed further in Note 6, during the three months ended December 31, 2012, the Company converted $131,959 in principal and acrued interest to 57,481 shares of Series C Convertible Preferred Stock.

 

Interest expense on the notes payable to stockholders was $7,003 and $16,958 for the three months ended December 31, 2012 and 2011, respectively.