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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)
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Notes Payable

 

Convertible notes payable consisted of the following at September 30, 2012:

 

    Septmber 30, 2012  
Note payable - related party originating August 14, 2012; no monthly payments required; bearing interest at 5%; due on demand [A]   $ 300,000  
         
Note payable - related party originating March 13, 2012; no monthly payments required; bearing interest at 0.19%; maturing at March 31, 2013 [A]     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     800,000  
Less: Current maturities (includes $600,000 to related parties)     (600,000 )
Amount due after one year (includes $50,000 to related parties)   $ 200,000  
         
[A] - effective September 4, 2012, note amended to provide a maturity date of August 31, 2013.        


Future maturities of the convertible notes payable are as follows:

 

Year Ending December 31,      
2013   $ 600,000  
2014     200,000  
    $ 800,000