The Company has issued three Convertible Promissory Notes to Asher Enterprises, Inc. (Asher) totaling $135,500. These notes call for 4,790,081 shares of the Company's common stock to be placed into a reserve account. On August 23, 2011, the Company received a notice of default on these notes from Asher as a result of the Company's failure to remain current in its SEC filings and elected to impose a default of 50% of the outstanding note balance or $67,750 against the Company. On September 6, 2012 Asher converted $12,000 of this default into 1,666,667 shares of common stock of the Company. On September 19, 2012 Asher converted another $15,000 of the default into 2,419,355 shares of common stock of the Company. Accrued interest on these notes and the remaining balance of the default at September 30, 2012 was $32,068. These notes and default in the amount of $176,250 remain outstanding and in default as of September 30, 2012.
The Promissory Notes issued to Asher Enterprises, Inc. are Convertible Promissory Notes with a discounted conversion price. The value of the discount based upon the current market price of the Company Stock was recorded as a Derivative Liability. This Derivative Liability at September 30, 2012 was $60,063.
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