General form of registration statement for all companies including face-amount certificate companies

Note Payable and Convertible Notes (Tables)

v2.4.0.8
Note Payable and Convertible Notes (Tables)
12 Months Ended
Dec. 31, 2012
Note Payable and Convertible Notes [Abstract]  
Summary of senior subordinated unsecured convertible promissory notes

   
2012
   
2011
 
             
Principal amount
  $ 900,000     $ 900,000  
Less: original issuance discount
    (150,000 )     (150,000 )
Less: discount related to fair value of derivative warrants
    (377,150 )     (377,150 )
Less: discount related to the beneficial conversion feature
    (372,850 )     (372,850 )
Add: amortization of discount
    900,000       124,363  
Less: principal amount converted to stock
    (900,000 )     -  
                 
Carrying value at December 31, 2012 and 2011, respectively
  $ -     $ 124,363