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4. ACCRUED PAYROLL - OFFICERS
12 Months Ended
Dec. 31, 2012
Accrued Payroll - Officers  
4. ACCRUED PAYROLL - OFFICERS

Accrued payroll – officers as of December 31, 2012 and 2011 is comprised of accrued payroll to the officers of the company amounting to $775,481 and $902,481, respectively. This payable is interest-free, unsecured and due on demand.

 

During 2012, the Company issued 225,000 shares of common stock to its president and CEO to convert $450,000 of accrued but unpaid salary.