| Notes payable |
Notes
payable is as follows:
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
| 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. |
|
$ |
- |
|
|
$ |
100,000 |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
109,306 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured promissory demand note, issued to an accredited investor,
bearing interest at a rate of 15% per annum. |
|
|
3,474 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Senior secured promissory notes dated March 23, 2013, issued to
accredited investors, maturing November 22, 2013, bearing interest at a rate of 6.0% 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. |
|
|
825,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
Senior
secured promissory notes dated April 19, 2013, issued to accredited investors, maturing December 19, 2013, bearing interest
at a rate of 6.0% 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.
|
|
|
250,000 |
|
|
|
- |
|
| Senior secured promissory
notes dated May 3, 2013, issued to accredited investors, maturing November 22, 2013, bearing interest at a rate of 6.0% 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. |
|
|
200,000 |
|
|
|
- |
|
| |
|
$ |
1,542,780 |
|
|
$ |
364,306 |
|
|