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Related Party Disclosures
12 Months Ended
Dec. 31, 2011
Related Party Disclosures  
Related Party Transactions Disclosure [Text Block]

Note 15- Transactions with Related Parties

 

Due from related parties

 

Advances to family members of the stockholder are unsecured, non-interest bearing and due on demand. The Company had $0 and $138,000 due from related parties as of December 31, 2011 and 2010, respectively.

 

Due to related parties

 

As of December 31, interest bearing notes payable to related parties consisting of the following:

 

 

 

2011

 

2010

 

 

 

 

 

Unsecured note payable to a shareholder, with interest at 7.5% per annum. Note is in default and is payable on demand.

 

$                 -

 

$       5,000

 

 

 

 

 

Expired convertible debt issued to a former employee, with interest at 7.5% per annum. The conversion maturity date was in October 2004. The note is payable on demand.

 

-

 

30,000

 

 

 

 

 

Expired convertible debt issued to a Director, with interest at 7.5% per annum. The conversion maturity date was in October 2005. The note is payable on demand.

 

-

 

56,960

 

 

 

 

 

Total notes payable

 

$                 -

 

$     91,960