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| Notes payable consist of the following for the periods ended December 31; |
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2011 |
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2010 |
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| Peacock Settlement Note of 2008 resettled three existing notes as stated on |
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| November 26, 2008 with a simple interest rate with a simple interest rate |
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| of 3% per annum. Note holder has right on 30 days written notice |
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| to demand stock totaling no more than 9.9% of total outstanding |
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| shares current and not allowing cumulative total to exceed 30% |
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| adjusting with new issuance for dilutive purposes |
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$ |
357,430 |
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$ |
357,430 |
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| |
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| Debentures at 10%, unsecured, were to be convertible into |
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| common shares at the option of the holder, all debentures |
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| are currently in default. |
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10,383 |
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10,383 |
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| Convertible note from a related party dated June 28, 2004 with a |
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| stated rate of 10% per annum payable quarterly. The holder has |
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| the right to convert upon written request at 80% of market |
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| of the five previous trading days of the conversion request |
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30,000 |
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30,000 |
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| Convertible note payable, accrues with an interest at a Rate |
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| of 6.0% per annum, two-year term. Currently in default |
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42,988 |
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|
42,988 |
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| Short term unsecured working capital demand notes, with |
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| stated interest rate of 10%. Reclassified back into notes |
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| payable after the Company confirmed status during the last |
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| fiscal audit of the 2010 year-end |
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20,000 |
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0 |
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| Virginia Roberts investment was originally stated as Minority Interest |
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| investment in 2003 financials, was reclassed in 2004 to secured demand |
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| note against Canyon Shadows Investment and entitled note holder to |
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| 21% if Investment distributions, at no less than $5,000 per quarter |
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|
200,000 |
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|
200,000 |
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| |
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| Total Notes Payable |
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|
660,801 |
|
|
|
640,801 |
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| |
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| Less Current Portion |
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|
660,801 |
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|
640,801 |
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| |
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| Long Term Notes Payable |
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$ |
0 |
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$ |
0 |
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| The aggregate principal maturities of notes payable are as follows: |
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| All are classified as short term by the Company |
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| During these periods, the Company was in default on two notes |
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| payable. The note holders have not taken any legal action against the |
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| Company as permitted by the agreements. Accrued interest on |
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| these notes totaled: |
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$ |
217,952 |
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$ |
184,376 |
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