XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Convertible Notes Payable
9 Months Ended
Sep. 30, 2013
Convertible Notes Payable  
Note 5 - Convertible Notes Payable

On February 1, 2013, the Company repaid convertible notes with an outstanding principal balance of $1,000,000 plus outstanding accrued interest of $163,861. The convertible notes bore interest at a rate of 7% per annum compounded annually and were due on December 31, 2012. The Company recorded amortization of debt discount associated with convertible notes payable of $82,616 and $247,849 for the three and nine months ended September 30, 2012, respectively, using the effective interest method. As of December 31, 2012, the debt discount had been fully amortized.