| Note 10. LOANS FROM RELATED PARTY |
Notes payable to related party 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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| 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 August 31, 2013. Interest shall be paid in cash or common stock at the holders option. Principal in the amount of $5,000 has been paid during the six months ended June 30, 2013. |
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$ |
30,000 |
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$ |
35,000 |
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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 August 31, 2013. Interest shall be paid in cash or common stock at the holders option. During the six months ended June 30, 2013, $17,502 has been advanced to the Company. Principal in the amount of $15,000 has been paid during the six months ended June 30, 2013. |
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72,500 |
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69,998 |
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$ |
102,500 |
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$ |
104,998 |
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The unsecured demand notes due to related parties have accrued interest
of $35,087 as of June 30, 2013.
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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 $30,002 has been paid during the twelve months ended December 31, 2012. |
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69,998 |
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100,000 |
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$ |
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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