Notes payable consist of the following for the periods ended;
12/31/2013
12/31/2012
Promissory note from a related party dated December 30, 2013 with an interest rate stated at 8%. Interest and principal due at maturity December 30, 2014.
$9,000
$0
Debentures at 10%, unsecured, were to be convertible into common shares at the option of the holder, all debentures are currently in default. This loan was written off in 2013.
0
10,383
Promissory note from a related party dated December 30, 2013 with an interest rate stated at 8%. Interest and principal due at maturity December 30, 2014.
3000
0
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. This loan was written off in 2013.
0
20,000
Promissory note from a related party dated December 31, 2013 with an interest rate stated at 8%. Interest and principal due at maturity December 30, 2014.
750
0
Total Notes Payable
12,750
30,383
Less Current Portion
12,750
30,383
Long Term Notes Payable
$0
$0
The aggregate principal maturities of notes payable are as follows. All are classified as short term by the Company. During these periods, the Company was in default on two notes payable. The note holders have not taken any legal action against the Company as permitted by the agreements.