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Notes payable is as follows:
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December 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. The maturity date has been extended until February 28, 2013. Interest shall be paid in cash or common stock at the holders option. Principal in the amount of $15,000 has been paid during the twelve months ended December 31, 2012, |
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$ |
35,000 |
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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. The maturity date has been extended until February 28, 2013. Interest shall be paid in cash or common stock at the holders option. Principal in the amount of $30,002 has been paid during the twelve months ended December 31, 2012. |
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69,998 |
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100,000 |
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|
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$ |
104,998 |
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$ |
150,000 |
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The unsecured demand notes due to related parties have accrued interest
of $26,383 as of December 31, 2012.
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