| Note 10 - LOANS FROM RELATED PARTY |
Notes payable is as follows:
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March 31, |
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December 31, |
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2012 |
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2011 |
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| Unsecured promissory note dated December 2, 2011 and due December 2, 2012, issued to an entity controlled by Michael James an officer of the Company, bearing interest at a rate of 15% per annum. Interest shall be paid in cash or common stock at the holders option. |
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$ |
50,000 |
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$ |
50,000 |
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| Unsecured promissory note dated December 2, 2011 and due December 2, 2012, issued to Michael Nahass a director of the Company, bearing interest at a rate of 15% per annum. Interest shall be paid in cash or common stock at the holders option. |
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100,000 |
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100,000 |
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Unsecured promissory note dated January 11, 2012 and
due January 11, 2013, issued to an entity controlled by Michael James an officer of the Company, bearing interest at a rate
of 15% per annum. The original loan was for $10,000 of which $5,000 was repaid on March 30,
2012. Interest shall be paid in cash or common stock at the holders option.
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5,000 |
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- |
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| Unsecured promissory note dated January 16, 2012 and due January 16, 2013, issued to Derek Peterson an officer and
director of the Company, bearing interest at a rate of 15% per annum. Interest shall be paid in cash or common
stock at the holders option. |
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10,000 |
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- |
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Unsecured promissory note dated January 16, 2012 and
due January 16, 2013, issued to Michael Nahass a director of the Company, bearing interest at a rate of 15% per
annum. Interest shall be paid in cash or common stock at the holders option.
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5,000 |
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- |
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| Unsecured demand note dated March 30, 2012, issued to Amy Almsteier an officer and director of the Company, bearing interest at a rate of 15% per annum. Interest shall be paid in cash or common stock at the holders option. |
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5,000 |
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- |
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$ |
175,000 |
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$ |
150,000 |
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The unsecured demand notes due to related parties have accrued interest
of $8,300 as of March 31, 2012.
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