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CONVERTIBLE PROMISSORY NOTES
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3 Months Ended |
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Mar. 31, 2012
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| CONVERTIBLE PROMISSORY NOTES [Abstract] | |
| CONVERTIBLE PROMISSORY NOTES |
NOTE 5 - CONVERTIBLE PROMISSORY NOTES On March 18, 2011 and May 20, 2011, Heriot Holdings Limited loaned the Company $30,000 and $40,000 (the "Principal Amount") pursuant to convertible promissory notes at a rate of 10% per annum, until the Principal Amount is repaid. The then-outstanding Principal Amounts and any interest accrued thereon may be converted at any time, at the holder's option, into shares of the Company's common stock at a price of $0.10. The principal and accrued interest under the convertible promissory notes held by Heriot Holdings Limited were converted into 764,900 shares of common stock on March 19, 2012. On February 1, 2012 and March 7, 2012, The Somerset Trust loaned the Company $10,000 on each date (the "Principal Amount") pursuant to convertible promissory notes at a rate of 10% per annum, until the Principal Amount is repaid. The then-outstanding Principal Amount and any interest accrued thereon may be converted at any time, at the holder's option, into shares of the Company's common stock at a price of $0.10. The principal and accrued interest under these notes were converted into 201,400 shares of common stock on March 15, 2012.
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