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Convertible Notes Payable
6 Months Ended
Jun. 30, 2012
Convertible Notes Payable:  
Convertible Notes Payable

 

NOTE 5: CONVERTIBLE NOTES PAYABLE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2012

 

 

December 31, 2011

Convertible  notes payable

$

59,000

 

$

45,000

     Total Notes payable

$

59,000

 

$

45,000

 

The Convertible 8% Notes Payable were originated on April 1, May 3, June 22, August 18, 2010, May 20, September 14, 2011 and March 20, 2012 for $5,000, $10,000, $5,000, $11,500, $7,000, $6,500 and $14,000, respectively, to reflect working capital funding provided by Sam Gaer, the company’s single largest shareholder. The Notes originated in 2010 are convertible into common stock of TGFIN at $.03 per share at any time at the holder’s option. The Notes originated in 2011 are convertible into common stock of TGFIN at $.015 per share at any time at the holder’s option. The Note originated in 2012 is convertible into common stock of TGFIN at $.01 per share at any time at the holder’s option. Accrued interest related to these notes as of June 30, 2012 was $6,313.