Quarterly report pursuant to sections 13 or 15(d)

NOTES PAYABLE TO STOCKHOLDERS

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NOTES PAYABLE TO STOCKHOLDERS
6 Months Ended
Mar. 31, 2013
NOTES PAYABLE TO STOCKHOLDERS [Abstract]  
NOTES PAYABLE TO STOCKHOLDERS


NOTE 4 -

NOTE PAYABLE TO STOCKHOLDER


In March 2013, the Company entered into a promissory note for $150,000 with a stockholder. The note bears a 10% interest rate, is unsecured and is due on December 31, 2013.


As further discussed in Note 6, during the six months ended March 31, 2013, the Company repaid approximately $132,000 in notes payable to stockholders through the issuance of 57,481 shares of Series C Convertible Preferred Stock.


Interest expense on the notes payable to stockholders was $13,471 and $ 18,996 for the six months ended March 31, 2013 and 2012, respectively and $6,467 and $9,031 for the three months ended March 31, 2013 and 2012, respectively.