Zentric, Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - April 17, 2012
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NOTES PAYABLE
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12 Months Ended |
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Dec. 31, 2011
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| Notes to Financial Statements | |
| Note 7 - NOTES PAYABLE |
On May 18, 2011 the Company received Conversion Notice from note holder to settle outstanding debt of $25,000 principal and $4,749 accrued interest by issuing 1,982,258 shares of common stock at a price of $0.015 per share. The total fair value of the shares was $41,627 based on the closing price per share, resulting in a loss of extinguishment of debt of $11,899.
On May 18, 2011 the Company received Conversion Notice from note holder to settle outstanding debt of $50,000 principal and $14,903 accrued interest by issuing 4,326,876 shares of common stock at a price of $0.015 per share. The total fair value of the shares was $90,864 based on the closing price per share, resulting in a loss of extinguishment of debt of $25,961.
On May 18, 2011 the Company received Conversion Notice from note holder to settle outstanding debt of $8,000 principal and $1,402 accrued interest by issuing 626,807 shares of common stock at a price of $0.015 per share. The total fair value of the shares was $13,163 based on the closing price per share, resulting in a loss of extinguishment of debt of $3,761.
Interest accrual for all loans outstanding as of December 31, 2011 and December 31, 2010 are $752 and $14,981 respectively. |
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