| Loans from related party |
Notes payable to related party is as follows:
| |
|
September 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 nine months ended September 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 nine months ended September 30, 2013, $17,502 has been advanced to the Company. Principal in the amount of $15,000 has been paid during the nine months ended September 30, 2013. |
|
|
72,500 |
|
|
|
69,998 |
|
| |
|
$ |
102,500 |
|
|
$ |
104,998 |
|
|