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6. NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2012
Notes Payable Tables  
Schedule of Notes Payable

Notes payable consisted of the following at December 31, 2012:

 

   Gross   Unamortized Discount   Net 
Notes payable to individuals, subject to contingent settlement agreement and summary judgment, interest at 11.67% per annum, principal and interest due January 1, 2006, in default, unsecured  $95,740    –    95,740 
                
Note payable, subject to settlement agreement, interest at 12% per annum, principal and interest due July 2005, in default, unsecured   161,000    –    161,000 
                
Note payable, subject to settlement agreement, interest at 9.17% per annum, principal and interest due July 2005, unsecured   71,500    –    71,500 
                
Note payable, subject to settlement agreement, interest at 12% per annum, principal and interest due December 2005, unsecured   100,000    –    100,000 
                
Note payable, interest at 12.5%, due June 2007, verbally extended, unsecured   1,500    –    1,500 
                
Note payable, interest at 12% per annum, due March 2010, verbally extended, unsecured   9,940    –    9,940 
                
Note payable, interest at 12% per annum, due March 2010, verbally extended, unsecured   1,638    –    1,638 
                
Note payable, interest at 12% per annum, due March 2010, verbally extended, unsecured   1,420    –    1,420 
                
Note payable, interest at 12% per annum, due September 2010, verbally extended, unsecured   776    –    776 
                
Note payable, interest at 12% per annum, due July 2014   36,500    26,095    10,405 
                
Note payable, interest at 12% per annum, due August 2014   40,000    21,387    18,613 
                
Note payable, interest at 12% per annum, due August 2014   35,000    18,969    16,031 
                
Note payable, interest at 12% per annum, due November 2014   60,000    36,734    23,266 
                
Note payable, interest at 12% per annum, due November 2014   60,000    37,828    22,172 
                
Note payable, interest at 12% per annum, due December 2014   50,000    32,847    17,153 
                
Note payable, interest at 12% per annum, due January 2015   50,000    34,535    15,465 
                
Note payable, interest at 12% per annum, due January 2015   50,000    34,763    15,237 
                
Note payable, interest at 12% per annum, due February 2015   60,000    42,591    17,409 

  

    Gross    

Unamortized Discount

    Net 
Note payable, interest at 12% per annum, due February 2015   40,000    28,577    11,423 
                
Note payable, interest at 5% per annum, due July 2012, verbally extended, unsecured   30,000    –    30,000 
                
Note payable, interest at 8% per annum, due April 2013, verbally extended, unsecured   27,500    10,672    16,828 
                
Note payable, interest at 8% per annum, due August 2013, verbally extended, unsecured (net of discount of $26,503)   18,311    6,423    11,888 
                
Note payable, interest at 8% per annum, due May 2013, verbally extended, unsecured (net of discount of $27,075)   17,721    6,423    11,298 
                
Note payable, interest at 8% per annum, due May 2013, verbally extended, unsecured   32,500    17,247    15,253 
                
Note payable, interest at 8% per annum, due September 2013, verbally extended, unsecured (net of discount of $87,536)   38,318    29,077    9,242 
                
Note payable, interest at 8% per annum, due August 2013, verbally extended, unsecured   16,000    13,149    2,851 
                
Note payable, interest at 8% per annum, due November 2013, verbally extended, unsecured (net of discount of $37,243)   8,939    –    8,939 
                
Note payable, interest at 8% per annum, due September 2013, verbally extended, unsecured   22,500    21,938    562 
                
Total Notes Payable   1,136,803    419,253    717,550 
                
Less: Current Portion   655,303    104,928    550,375 
                
Long-Term Notes Payable  $481,500   $314,325   $167,175 

 

Notes payable consisted of the following at December 31, 2011:

   Gross   Unamortized Discount   Net 
Notes payable to individuals, subject to contingent settlement agreement and summary judgment, interest at 11.67% per annum, principal and interest due January 1, 2006, in default, unsecured  $95,740    –    95,740 
                
Note payable, subject to settlement agreement, interest at 12% per annum, principal and interest due July 2005, in default, unsecured   161,000    –    161,000 
                
Note payable, subject to settlement agreement, interest at 9.17% per annum, principal and interest due July 2005, unsecured   71,500    –    71,500 
                
Note payable, subject to settlement agreement, interest at 12% per annum, principal and interest due December 2005, unsecured   100,000    –    100,000 
                
Note payable, interest at 12.5%, due June 2007, verbally extended, unsecured   1,500    –    1,500 
                
Note payable, interest at 12% per annum, due March 2010, verbally extended, unsecured   9,940    –    9,940 
                
Note payable, interest at 12% per annum, due March 2010, verbally extended, unsecured   1,638    –    1,638 
                
Note payable, interest at 12% per annum, due March 2010, verbally extended, unsecured   1,420    –    1,420 
                
Note payable, interest at 12% per annum, due September 2010, verbally extended, unsecured   776    –    776 
                
Note payable, interest at 12% per annum, due April 2014   14,625    –    14,625 
                
Note payable, interest at 12% per annum, due July 2014   50,000    42,746    7,254 
                
Note payable, interest at 12% per annum, due August 2014   40,000    34,708    5,292 
                
Note payable, interest at 12% per annum, due August 2014   35,000    30,625    4,375 
                
Note payable, interest at 12% per annum, due November 2014   60,000    56,715    3,285 
                
Note payable, interest at 12% per annum, due November 2014   60,000    57,810    2,190 
                
Note payable, interest at 12% per annum, due December 2014   50,000    49,498    502 
                
Total Notes Payable   753,139    272,103    481,036 
                
Less: Current Portion   443,514    –    443,514 
                
Long-Term Notes Payable  $309,625   $272,103   $37,522 
Schedule of convertible notes

 

Issue Date  Principal   Warrants to be Granted   Notes Payable – Beneficial Conversion Feature as of Issue Date 
                
8/14/2012   50,000    10,000    41,623 
8/21/2012   50,000    10,000    41,848 
9/26/2012   150,000    50,000    120,435 
11/12/2012   50,000    10,000    42,867 
   $300,000    80,000    246,773