Quarterly report pursuant to Section 13 or 15(d)

CONVERTIBLE NOTE PAYABLE

v2.3.0.15
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 Company’s 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.