Long Term Debt

6 Months Ended

Jun. 30, 2012

Long-Term Debt [Abstract]

LONG-TERM DEBT

NOTE 3 – LONG-TERM DEBT

Our senior promissory notes payable to unrelated parties in the total amount of approximately $1.8 million matured on April 15, 2012, but were not repaid. However, during June, July, and August of 2012, we reached agreement with holders of approximately $1.7 million of the notes, or approximately 98%, to renew the notes for an additional year. The notes will mature April 15, 2013 and bear interest at 14% effective from April 15, 2012. Although we expect to negotiate the same note modifications with the remaining senior note holders in the near future, we cannot provide any assurance of the ultimate success of these negotiations.