| Loans from related party |
Notes payable
is as follows:
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2012 |
|
|
2011 |
|
| |
|
|
|
|
|
|
| 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. Interest shall be paid in cash or common stock at the holders option. Principal in the amount of $20,000 has been paid during the nine months ended September 30, 2012, |
|
$ |
40,000 |
|
|
$ |
50,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. Interest shall be paid in cash or common stock at the holders option. Principal in the amount of $2,000 has been paid during the nine months ended Sepotember 30, 2012. |
|
|
98,000 |
|
|
|
100,000 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured demand note dated April 3, 2012, issued to Amy Almsteier an officer and director of the Company, bearing interest at a rate of 15% per annum. Interest shall be paid in cash or common stock at the holders option. Principal in the amount of $10,500 has been paid during the nine months ended September 30, 2012, |
|
|
800 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Unsecured demand note dated May 1, 2012 issued to Derek Peterson an officer and director of the Company, bearing interest at a rate of 15% per annum. Interest shall be paid in cash or common stock at the holders option. Principal in the amount of $131 has been paid during the nine months ended September 30, 2012. |
|
|
2,759 |
|
|
|
- |
|
| |
|
$ |
141,559 |
|
|
$ |
150,000 |
|
|