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Advances Payable - Related Party of Discontinued Operations
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12 Months Ended |
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Dec. 31, 2012
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| Advances Payable - Related Party Of Discontinued Operations | |
| Note 10. Advances Payable - Related Party of Discontinued Operations |
As a result of the reverse merger, the Company assumed $169,984 of advances payable due to Jay Rifkin, a current director who is also a former officer of the Company. These advances bear interest at 9% per annum, have no fixed terms of repayment and are unsecured. Accrued interest on these advances at December 31, 2012 and 2011 was $23,668 and $8,114, respectively. Interest expense on these advances was $15,554 and $8,114 for 2012 and 2011, respectively. |
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- Definition
Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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