Notes Payable	9 Months Ended
Dec. 31, 2011
Notes to Financial Statements
Notes Payable	4. Notes Payable a) As at March 31, 2011, the Company had a short term note payable of $2,906 owing to a shareholder of the Company. The note is unsecured, due interest at 3.5% per annum, and due on demand. During the nine months ended December 31, 2011, the Company repaid the note payable. b) On March 15, 2011, the Company issued a note payable of $440,402 (US$450,000). The note is unsecured, due interest at 15% per annum, and due on demand. On June 23, 2011, the Company issued 1,547,119 units to settle the outstanding debt of US$450,000, including accrued interest of US$14,136. Each unit consisted of one common share and one-half of one share purchase warrant. Each share purchase warrant entitles the holder to acquire an additional common share at an exercise price of US$0.75 per share. These warrants expire on June 23, 2013. The Company recorded a loss on the settlement of debt of $507,348 equal to the difference between the fair value of the common shares and warrants and the carrying value of the debt settled. c) On May 2, 2011, the Company issued a note payable of $29,360 (US$30,000). The note is unsecured, due interest at 15% per annum, and due on demand. On June 23, 2011, the Company issued 103,142 units to settle the outstanding debt of US$30,000, including accrued interest of US$942. Each unit consisted of one common share and one-half of one share purchase warrant. Each share purchase warrant entitles the holder to acquire an additional common share at an exercise price of US$0.75 per share. These warrants expire on June 23, 2013. The Company recorded a loss on the settlement of debt of $33,824 equal to the difference between the fair value of the common shares and warrants and the carrying value of the debt settled. d) On August 10, 2011, the Company issued a note payable of $20,964 (US$20,000). The note is unsecured, bears interest at 15% per annum and due on demand. On November 24, 2011, the Company issued 52,158 units to settle the outstanding debt of US$20,000 and accrued interest of US$863. Each unit consisted of one common share and one share purchase warrant. Each share purchase warrant entitles the holder to acquire an additional common share at an exercise price of US$0.70 per share. These warrants expire on November 24, 2013. The Company recorded a loss on the settlement of debt of $12,529 equal to the difference between the fair value of the common shares and warrants and the carrying value of the debt settled. e) On September 15, 2011, the Company issued a note payable of $366,870 (US$350,000). The note is unsecured, bears interest at 15% per annum and due on demand. On November 24, 2011, the Company issued 900,530 units to settle the outstanding debt of US$350,000 and accrued interest of US$10,212. Each unit consisted of one common share and one share purchase warrant. Each share purchase warrant entitles the holder to acquire an additional common share at an exercise price of US$0.70 per share. These warrants expire on November 24, 2013. The Company recorded a loss on the settlement of debt of $216,323 equal to the difference between the fair value of the common shares and warrants and the carrying value of the debt settled.

Notes Payable

9 Months Ended

Dec. 31, 2011

4. Notes Payable

a) As at March 31, 2011, the Company had a short term note payable of $2,906 owing to a shareholder of the Company. The note is unsecured, due interest at 3.5% per annum, and due on demand. During the nine months ended December 31, 2011, the Company repaid the note payable.

b) On March 15, 2011, the Company issued a note payable of $440,402 (US$450,000). The note is unsecured, due interest at 15% per annum, and due on demand. On June 23, 2011, the Company issued 1,547,119 units to settle the outstanding debt of US$450,000, including accrued interest of US$14,136. Each unit consisted of one common share and one-half of one share purchase warrant. Each share purchase warrant entitles the holder to acquire an additional common share at an exercise price of US$0.75 per share. These warrants expire on June 23, 2013. The Company recorded a loss on the settlement of debt of $507,348 equal to the difference between the fair value of the common shares and warrants and the carrying value of the debt settled.

c) On May 2, 2011, the Company issued a note payable of $29,360 (US$30,000). The note is unsecured, due interest at 15% per annum, and due on demand. On June 23, 2011, the Company issued 103,142 units to settle the outstanding debt of US$30,000, including accrued interest of US$942. Each unit consisted of one common share and one-half of one share purchase warrant. Each share purchase warrant entitles the holder to acquire an additional common share at an exercise price of US$0.75 per share. These warrants expire on June 23, 2013. The Company recorded a loss on the settlement of debt of $33,824 equal to the difference between the fair value of the common shares and warrants and the carrying value of the debt settled.

d) On August 10, 2011, the Company issued a note payable of $20,964 (US$20,000). The note is unsecured, bears interest at 15% per annum and due on demand. On November 24, 2011, the Company issued 52,158 units to settle the outstanding debt of US$20,000 and accrued interest of US$863. Each unit consisted of one common share and one share purchase warrant. Each share purchase warrant entitles the holder to acquire an additional common share at an exercise price of US$0.70 per share. These warrants expire on November 24, 2013. The Company recorded a loss on the settlement of debt of $12,529 equal to the difference between the fair value of the common shares and warrants and the carrying value of the debt settled.

e) On September 15, 2011, the Company issued a note payable of $366,870 (US$350,000). The note is unsecured, bears interest at 15% per annum and due on demand. On November 24, 2011, the Company issued 900,530 units to settle the outstanding debt of US$350,000 and accrued interest of US$10,212. Each unit consisted of one common share and one share purchase warrant. Each share purchase warrant entitles the holder to acquire an additional common share at an exercise price of US$0.70 per share. These warrants expire on November 24, 2013. The Company recorded a loss on the settlement of debt of $216,323 equal to the difference between the fair value of the common shares and warrants and the carrying value of the debt settled.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Intelimax Media Inc. 10-Q