Quarterly report pursuant to sections 13 or 15(d)

NOTE 3 - CONVERTIBLE PROMISSORY NOTE - RELATED PARTY

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NOTE 3 - CONVERTIBLE PROMISSORY NOTE - RELATED PARTY
6 Months Ended
Jun. 30, 2012
Related Party Debt And Derivative Liability Disclosure [Text Block]
NOTE 3 – CONVERTIBLE PROMISSORY NOTE – RELATED PARTY

The 7% Convertible Promissory Note (“Convertible Note”), due January 28, 2012 was extended to January 28, 2013.

On January 4, 2012 the holder of the Convertible Note,, Mr. Mark Meller, Chief Executive Officer of the Company, converted $30,458 into 60,154,178 shares of Class A Common Stock.  In addition, the holder had sold $13,488 of the Convertible Note to certain employees of the Company for cash in January 2012, which were subsequently converted into 26,639,515 shares of Class A common stock. The fair value of the shares issued to the employees upon conversion was recorded as share-based compensation valued of $719,000 which was recorded as a charge in the consolidated statement of operations.