CONVERTIBLE NOTE PAYABLE |
9 Months Ended |
---|---|
Sep. 30, 2011 | |
CONVERTIBLE NOTE PAYABLE | |
CONVERTIBLE NOTE PAYABLE |
NOTE 6 CONVERTIBLE NOTE PAYABLE
On September 8, 2011, the Company issued a Senior Secured Convertible Demand Promissory Note in the principal amount of $100,000 to HEP Investments, LLC, a Michigan limited liability company, in connection with the advance to the Company of $100,000. The Note bears interest at 15% per annum and is payable on demand, and is convertible at the rate of $.12 per share into the Companys common stock. The note is secured by all of the Company assets. As of September 30, 2011, the Company had recorded accrued interest of $863. |