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Quarterly report pursuant to sections 13 or 15(d)

6. Convertible Notes Payable (Tables)

v2.4.0.6
6. Convertible Notes Payable (Tables)
6 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Notes Payable
   

June 30,

2012

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

 

Future maturities of the notes convertible payable are as follows:

 

 Year Ending December 31,      
2012   $ 1,755,825  
2013     300,000  
2014     200,000  
    $ 2,255,825