Quarterly report pursuant to sections 13 or 15(d)

4. Long Term Notes Payable and Accrued Interest (Tables)

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4. Long Term Notes Payable and Accrued Interest (Tables)
 9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
Black-Scholes valuation for the warrants

 

Risk-free interest rate    0.73%
Expected life in years   5
Dividend yield    0
Expected volatility    63.65%

Long term notes payable and accrued interest

 

    9/30/2012     12/31/2011  
Debenture - $1,000,000 16% senior secured convertible   $ 1,000,000     $ -  
Debt Discount     (330,645 )     -  
Total Notes Payable     669,355       -  
Less:  Current Portion     -       -  
Long Term Portion   $ 669,355     $ -  
                 
Accrued Interest                
Debenture - $1,000,000 16% senior secured convertible Issued June 27,2012   $ 41,333     $ -  
Debenture - $2,500,000 Terminated June 2009     19,049       19,049  
Accrued Interest - Current Portion   $ 60,382     $ 19,049