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Advances Payable - Related Party of Discontinued Operations
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3 Months Ended |
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Sep. 30, 2012
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| Notes to Financial Statements | |
| Advances Payable - Related Party of Discontinued Operations |
Note 11 – Advances Payable-Related Party of Discontinued Operations
As a result of the reverse merger, the Company assumed $169,894 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 September 30, 2011 was $4,204 and interest expense for the quarter ended September 30, 2011 was $4,204. |