| Notes payable |
Notes payable is as follows:
| |
|
December 31,
2012
|
|
December 31,
2011
|
|
| |
|
|
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| Senior secured promissory note dated July 15, 2011, issued to an accredited investor, maturing July 15, 2012, bearing interest at a rate of 15% per annum. The maturity date has been extended until March 15, 2013. Principal in the amount of $150,000 was paid during the twelve months ended December 31, 2012. Interest shall be paid in cash or common stock at the holders option. |
|
$ |
100,000 |
|
$ |
250,000 |
|
| |
|
|
|
|
|
|
|
| Unsecured promissory demand note dated May 7, 2012, issued to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share. |
|
|
5,000 |
|
|
- |
|
| |
|
|
|
|
|
|
|
| Promissory note dated July 15, 2012, issued to an accredited investor, maturing July 15, 2013, bearing interest at a rate of 12% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. |
|
|
150,000 |
|
|
- |
|
| |
|
|
|
|
|
|
|
| Unsecured promissory demand notes, issued to an accredited investor, bearing interest at a rate of 4% per annum. Holder may elect to convert into common stock at $0.75 per share. |
|
|
109,306 |
|
|
- |
|
| |
|
$ |
364,306 |
|
$ |
250,000 |
|
|