Debt

3 Months Ended

Mar. 31, 2012

Debt

Debt Disclosure [Text Block]

11.       NOTES PAYABLE

In December 2011, the Company issued a 90-day note payable to borrow $100,000.  That note was originally extended for an additional 30 days in March 2012.  The proceeds were used for general corporate purposes.  In January 2012, two additional notes were issued to borrow $50,000 each.  In April and May, 2012 additional notes totaling $125,000 were issued.  On May 10, 2012 all notes totaling $325,000 were combined into one note.  Note payable bears simple of interest at 6.00% per annum.  Principal amounts totaling $300,000 and $25,000 including all unpaid interest are due on July 2, 2012 and August 1, 2012, respectively.    

In March 2012, the Company issued a 24-month convertible promissory note to borrow $100,000 for general corporate purposes.  The convertible promissory note bears simple interest of 6.00% simple interest per annum and is payable monthly in advance. At any time on or after September 13, 2012 the holder of the note may elect by notice to the Company to convert this convertible promissory note into shares of Company’s common stock at the rate of $1.05 per share.