Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Notes Payable

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Note 6 - Notes Payable
9 Months Ended
Sep. 30, 2013
Notes  
Note 6 - Notes Payable

NOTE 6 – NOTES PAYABLE

 

Notes payable consist of the following for the periods ended;

9/30/2013

12/31/2012

 

 

 

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

 

 

 

Related party loan from corporate officer to subsidiary Pipeline Nutrition, USA for working capital with interest at 4% per annum and equal monthly installments of $625 per month with a maturity date of April 1, 2017. This loan is secured by the inventory in Pipeline Nutrition, USA.

30,000

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.

20,000

20,000

 

 

 

Total Notes Payable

60,383

30,383

 

 

 

Less Current Portion

40,663

30,383

 

 

 

Long Term Notes Payable

$19,720

$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.

 

 

Accrued  interest  on these notes totaled

$18,222

$16,488