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Advances Payable - Related Party of Discontinued Operations
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3 Months Ended |
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Mar. 31, 2013
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| Notes to Financial Statements | |
| Note 9. 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 March 31, 2013 and December 31, 2012 was $27,493 and $23,668, respectively. Interest expense for the quarters ended March 31, 2013 and 2012, was $3,825 and $3,867, respectively. |