Annual report pursuant to Section 13 and 15(d)

Note Payable and Convertible Notes (Tables)

v2.4.0.6
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