Notes
payable consist of the following for the periods ended; |
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9/30/2012 |
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12/31/2011 |
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Peacock
Settlement Note of 2008 resettled three existing notes |
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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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not allowing cumulative total to exceed 30% adjusting with |
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new issuanced for dilutive purposes. |
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$0 |
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$357,430 |
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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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0 |
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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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0 |
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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 |
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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 |
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and
entitled note holder to 21% if Investment distributions |
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at
no less than $5,000 per quarter. |
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0 |
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200,000 |
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Total
Notes Payable |
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30,383 |
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640,801 |
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Less
Current Portion |
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30,383 |
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640,801 |
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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. During these periods, the |
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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. |
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Accrued
interest on these notes totaled: |
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$15,910 |
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$212,949 |