| Notes payable |
Notes payable is as follows:
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March 31, |
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December 31, |
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2013 |
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2012 |
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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 $150,000 was paid during the twelve months ended December 31, 2012.
The balance of principal and interest was paid in stock during the quarter ended March 31, 2013.
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$ |
- |
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$ |
100,000 |
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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.
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5,000 |
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5,000 |
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| |
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| 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. |
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150,000 |
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150,000 |
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| 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 $0.75 per share. |
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109,306 |
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109,306 |
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| Unsecured promissory demand note, issued to an accredited investor, bearing interest at a rate of 15% per annum. |
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3,474 |
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- |
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| Unsecured promissory demand note, issued to an accredited investor, bearing interest at a rate of 18% per annum. |
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100,000 |
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- |
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| Senior secured promissory notes dated March 23, 2013, issued to accredited investors, maturing November 22, 2013, bearing interest at a rate of 60% per annum. Principal and interest may be converted into common stock based on the average trading price of the ten days prior to maturity at the holders option. |
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825,000 |
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- |
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| |
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$ |
1,192,780 |
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|
$ |
364,306 |
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