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Long-Term Debt
3 Months Ended
Mar. 31, 2012
Long-Term Debt [Abstract]  
Long-Term Debt

NOTE 3 – LONG-TERM DEBT

Our senior promissory notes in the total amount of approximately $1.7 million matured on April 15, 2012 but were not repaid. We are currently in negotiations with the holders to resolve the default.

 

On February 7, 2012, we issued to an investor a $100,000 promissory note paying interest quarterly at 12% and maturing in February 2014. At any time prior to the maturity date, at the election of the holder, all or a portion of the note plus any accrued but unpaid interest may be converted into our common stock at $0.25 per share.