Annual report pursuant to Section 13 and 15(d)

Convertible Notes Payable (Tables)

Convertible Notes Payable (Tables)

12 Months Ended

Dec. 31, 2012

Outstanding convertible promissory notes

Convertible promissiry notes issued	6,505,274
Notes repaid	-2,850,000
Less amounts converted to common stock	-500,000
Total	3,155,274
Less debt discount	1,683,122
Balance December 31, 2012	1,472,152

- Definition

Tabular disclosure of troubled debt restructuring which results when the debtor restructures the terms of its debt with a creditor due to the debtor's financial difficulties and the creditor grants certain concessions to obtain payment it might not otherwise receive. Includes a description of the principal changes in terms, the major features of settlement for each restructuring, the aggregate gain on restructuring and the related income tax effect, the per share amount of the total gain on restructuring, net of related income tax effect, and the total gain (loss) on transfers of assets recognized during the period. After the troubled debt restructuring has occurred debtors discuss the extent and amount to which amounts contingently payable are included in the carrying amount of restructured payables, and the conditions under which those amounts would become payable or would be forgiven when there is at least a reasonable possibility that a liability for contingent payments will be incurred.

+ References + Details