XML 49 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Notes and Short-term Receivables (Detail Textuals) (USD $)
0 Months Ended
Jan. 07, 2013
Sep. 30, 2013
Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total notes and short-term receivables   $ 430,000 $ 497,355
Note receivable - Vulcan
     
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total notes and short-term receivables 400,000 430,000 [1] 400,000 [1]
Initial interest rate of notes and loans receivable net 10.00%    
Percentage of interest rate increased for additional year 4.00%    
Accrued interest   20,000  
Short-term note receivable - Cordellia
     
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total notes and short-term receivables      [2] 80,777 [2]
Accrued interest   $ 17,471  
[1] On January 7, 2013, effective December 31, 2012, the Company, JV, and Vulcan entered into an agreement pursuant to which the JV Agreement was terminated. As part of the termination agreement, Vulcan issued to the Company a 10% Secured and Collateralized Promissory Note in the principal amount of $400,000. The interest rate will increase by 4% per annum if not paid by the maturity date. The note has a maturity date of December 31, 2013. In the first nine months of 2013, $30,000 of interest income was accrued for this note.
[2] As of June 30, 2013, the Company had overpaid a note payable to CDOO in the amount of $80,777. This amount is classified as a note and short-term receivable in the accompanying condensed consolidated unaudited financial statements. This note receivable was charged to bad debt expense at June 30, 2013.