| Loans from related party |
Notes
payable to related party is as follows:
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
$ |
30,000 |
|
|
$ |
35,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
72,500 |
|
|
|
69,998 |
|
| |
|
$ |
102,500 |
|
|
$ |
104,998 |
|
|