4. Loan Payable	6 Months Ended
Jun. 30, 2012
Long-term Debt [Text Block]	4. Loans Payable In February 2012, the Company issued an unsecured convertible note in the principal amount of $45,000 bearing interest at 8% per annum and maturing November 30, 2012. In March 2012, the Company issued an unsecured convertible note which was funded in April 2012 in the principal amount of $45,000 bearing interest at 8% per annum and maturing December 26, 2012. In May 2012, the Company issued an unsecured convertible note in the principal amount of $30,000 bearing interest at 8% per annum and maturing February 11, 2013. The notes cannot be converted for the first 180 days after which they are convertible at a price equal to 58% of the trading price of the Company’s shares on the OTC Bulletin Board on the conversion date. The Company can prepay each of these notes as follows: First 30 days - 115% of principal plus interest 31-60 days - 120% of principal plus interest 61-90 days - 125% of principal plus interest 91-120 days - 130% of principal plus interest 121-150 days - 135% of principal plus interest 151-180 days - 140% of principal plus interest There is no right of prepayment after 180 days. In June 2012, the Company issued an unsecured convertible note in the principal amount of $15,000 bearing interest at 8% per annum. The principal amount of the note is not repayable for 360 days after which the principal will remain payable until repaid in full except for any principal which is converted. The note can be converted in part or in whole after 360 days at $0.15 per share. Since the note could not be converted on June 30, 2012, the conversion option was not evaluated for liability classification or a beneficial conversion feature.

4. Loan Payable

6 Months Ended

Jun. 30, 2012

4. Loans Payable

In February 2012, the Company issued an unsecured convertible note in the principal amount of $45,000 bearing interest at 8% per annum and maturing November 30, 2012. In March 2012, the Company issued an unsecured convertible note which was funded in April 2012 in the principal amount of $45,000 bearing interest at 8% per annum and maturing December 26, 2012. In May 2012, the Company issued an unsecured convertible note in the principal amount of $30,000 bearing interest at 8% per annum and maturing February 11, 2013. The notes cannot be converted for the first 180 days after which they are convertible at a price equal to 58% of the trading price of the Company’s shares on the OTC Bulletin Board on the conversion date.

The Company can prepay each of these notes as follows:

First 30 days - 115% of principal plus interest

31-60 days - 120% of principal plus interest

61-90 days - 125% of principal plus interest

91-120 days - 130% of principal plus interest

121-150 days - 135% of principal plus interest

151-180 days - 140% of principal plus interest

There is no right of prepayment after 180 days.

In June 2012, the Company issued an unsecured convertible note in the principal amount of $15,000 bearing interest at 8% per annum. The principal amount of the note is not repayable for 360 days after which the principal will remain payable until repaid in full except for any principal which is converted. The note can be converted in part or in whole after 360 days at $0.15 per share. Since the note could not be converted on June 30, 2012, the conversion option was not evaluated for liability classification or a beneficial conversion feature.

Global Security Agency Inc. 10-Q