| Notes payable |
Notes payable is as follows:
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June 30, |
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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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| |
|
|
|
|
|
|
|
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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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| |
|
|
|
|
|
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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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| |
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|
|
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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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|
|
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Senior secured promissory notes
dated April 19, 2013, issued to accredited investors, maturing December 19, 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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|
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250,000 |
|
|
|
- |
|
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Senior secured
promissory notes dated May 3, 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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|
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200,000 |
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|
|
- |
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| |
|
$ |
1,542,780 |
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|
$ |
364,306 |
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