Notes Payable |
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June 30,
2012
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Notes payable - originating March 15, 2012 through March 23, 2012; no monthly payments required; bearing interest at 10%; maturing at September 30, 2012 [A] |
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150,000 |
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Notes payable - originating April 27, 2012 through June 15, 2012; no monthly payments required; bearing interest at 10%; maturing at September 30, 2012 |
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1,556,000 |
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Note payable - originating May 1, 2012; no monthly payments required; bearing interest at 0.19%; maturing at September 30, 2012 |
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49,825 |
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Note payable - related party originating March 13, 2012; no monthly payments required; bearing interest at 0.19%; maturing at March 31, 2013 |
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300,000 |
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Note payable - originating February 25, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 25, 2014 |
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100,000 |
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Note payable - originating February 27, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 27, 2014 |
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50,000 |
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Note payable - related party originating February 29, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 29, 2014 |
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50,000 |
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Total |
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2,255,825 |
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Less: Current maturities (includes $300,000 to related parties) |
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(2,055,825 |
) |
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Amount due after one year (includes $50,000 to related parties) |
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$ |
200,000 |
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[A] - maturity date extended from June 30, 2012 to September 30, 2012. |
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Future maturities of the notes convertible payable are as follows:
Year Ending December 31,
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2012 |
|
$ |
1,755,825 |
|
2013 |
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|
300,000 |
|
2014 |
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|
200,000 |
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|
|
$ |
2,255,825 |
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|