| |
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|
|
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| Notes payable consist of the following for the periods ended; |
|
12/31/2012 |
|
12/31/2011 |
| |
|
|
|
|
| Peacock Settlement Note of 2008 resettled three existing notes |
|
|
|
|
| as stated on November 26, 2008 with a simple interest rate |
|
|
|
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| with a simple interest rate of 3% per annum. Note holder |
|
|
|
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| has right on 30 days written notice to demand stock totaling |
|
|
|
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| no more than 9.9% of total outstanding shares current and |
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|
|
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| not allowing cumulative total to exceed 30% adjusting with |
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|
|
|
|
|
|
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| new issuance for dilutive purposes. |
|
$ |
0 |
|
|
$ |
357,430 |
|
| |
|
|
|
|
|
|
|
|
| Debentures at 10%, unsecured, were to be convertible into |
|
|
|
|
|
|
|
|
| common shares at the option of the holder, all debentures |
|
|
|
|
|
|
|
|
| are currently in default. |
|
|
10,383 |
|
|
|
10,383 |
|
| |
|
|
|
|
|
|
|
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| Convertible note from a related party dated June 28, 2004 with a |
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|
|
|
|
|
|
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| stated rate of 10% per annum payable quarterly. The holder has |
|
|
|
|
|
|
|
|
| the right to convert upon written request at 80% of market |
|
|
|
|
|
|
|
|
| of the five previous trading days of the conversion request. |
|
|
0 |
|
|
|
30,000 |
|
| |
|
|
|
|
|
|
|
|
| Convertible note payable, accrues with an interest at a Rate |
|
|
|
|
|
|
|
|
| of 6.0% per annum, two-year term. Currently in default. |
|
|
0 |
|
|
|
42,988 |
|
| |
|
|
|
|
|
|
|
|
| Short term unsecured working capital demand notes, with |
|
|
|
|
|
|
|
|
| stated interest rate of 10%. Reclassified back into notes |
|
|
|
|
|
|
|
|
| payable after the Company confirmed status during the last |
|
|
|
|
|
|
|
|
| fiscal audit of the 2010 year-end. |
|
|
20,000 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
| Virginia Roberts investment was originally stated as Minority |
|
|
|
|
|
|
|
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| Interest investment in 2003 financials, was reclassed in 2004 |
|
|
|
|
|
|
|
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| to secured demand note against Canyon Shadows Investment |
|
|
|
|
|
|
|
|
| and entitled note holder to 21% if Investment distributions |
|
|
|
|
|
|
|
|
| at no less than $5,000 per quarter. |
|
|
0 |
|
|
|
200,000 |
|
| |
|
|
|
|
|
|
|
|
| Total Notes Payable |
|
|
30,383 |
|
|
|
640,801 |
|
| |
|
|
|
|
|
|
|
|
| Less Current Portion |
|
|
30,383 |
|
|
|
640,801 |
|
| |
|
|
|
|
|
|
|
|
| Long Term Notes Payable |
|
$ |
0 |
|
|
$ |
0 |
|
| |
|
|
|
|
|
|
|
|
| The aggregate principal maturities of notes payable are as follows: |
|
|
|
|
|
|
|
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| All are classified as short term by the Company. During these periods, the |
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|
|
|
|
|
|
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| Company was in default on two notes payable. The note holders have not |
|
|
|
|
|
|
|
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| taken any legal action against the Company as permitted by the agreements. |
|
|
|
|
|
|
|
|
| Accrued interest on these notes totaled: |
|
$ |
16,488 |
|
|
$ |
212,949 |
|