| 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 |
|
|