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6. Convertible Note Payable of Discontinued Operations
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6 Months Ended |
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Jun. 30, 2013
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| Notes to Financial Statements | |
| Note 6. Convertible Note Payable of Discontinued Operations |
On March 30, 2011, the Company entered into an agreement with an unrelated third party pursuant to which such party agreed to assist the Company to effect a reverse merger or similar transaction with an operating business to be identified as the parties shall mutually agree. Such party agreed to immediately loan the Company the principal amount of $50,000 which shall be due and payable in one year, bear interest at the rate of 8.0% per annum, and be convertible into shares of common stock of the Company at the rate of $0.44 per share at the option of such party at any time following an exclusivity period granted to such party and until the maturity date of the loan. Interest expense for the six months ended June 30, 2013 and 2012, respectively was $2,000 and $1,994. |