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