| Notes Payable |
| |
|
June 30,
2012
|
|
| |
|
|
|
|
| Notes payable - originating March 15, 2012 through March 23, 2012; no monthly payments required; bearing interest at 10%; maturing at September 30, 2012 [A] |
|
|
150,000 |
|
| |
|
|
|
|
| Notes payable - originating April 27, 2012 through June 15, 2012; no monthly payments required; bearing interest at 10%; maturing at September 30, 2012 |
|
|
1,556,000 |
|
| |
|
|
|
|
| Note payable - originating May 1, 2012; no monthly payments required; bearing interest at 0.19%; maturing at September 30, 2012 |
|
|
49,825 |
|
| |
|
|
|
|
| Note payable - related party originating March 13, 2012; no monthly payments required; bearing interest at 0.19%; maturing at March 31, 2013 |
|
|
300,000 |
|
| |
|
|
|
|
| Note payable - originating February 25, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 25, 2014 |
|
|
100,000 |
|
| |
|
|
|
|
| Note payable - originating February 27, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 27, 2014 |
|
|
50,000 |
|
| |
|
|
|
|
| Note payable - related party originating February 29, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 29, 2014 |
|
|
50,000 |
|
| |
|
|
|
|
| Total |
|
|
2,255,825 |
|
| |
|
|
|
|
| Less: Current maturities (includes $300,000 to related parties) |
|
|
(2,055,825 |
) |
| |
|
|
|
|
| Amount due after one year (includes $50,000 to related parties) |
|
$ |
200,000 |
|
| |
|
|
|
|
| [A] - maturity date extended from June 30, 2012 to September 30, 2012. |
|
|
|
|
Future maturities of the notes convertible payable are as follows:
| Year Ending December 31,
|
|
|
|
| 2012 |
|
$ |
1,755,825 |
|
| 2013 |
|
|
300,000 |
|
| 2014 |
|
|
200,000 |
|
| |
|
$ |
2,255,825 |
|
|