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7. Related Party Notes Payable
12 Months Ended
Mar. 31, 2014
Related Party Transactions  
7. Related Party Notes Payable

Note 7. Related Party Notes Payable

 

Notes payable owed by the Company to related parties are as follows:

 

 

 

March 31, 2014

 

 

March 31, 2013

 

 

 

 

 

 

Various notes payable with maturity dates ranging from 05/10/10 to 12/28/11.  Interest rates ranging from 4.0% to 18%.  Various warrants issued with an exercise price ranging between $0.10 and $0.50 per share.  Various notes contain a conversion feature allowing the holder to convert the debt into shares of common stock at a strike price between $0.30 and $0.50 per share.

 

$

130,704

 

 

$

130,704

 

 

 

 

 

 

 

 

 

 

Collateralized Notes Payable due October 2012, with

 

 

 

 

 

 

 

 

interest of 9.9%, collateralized by equipment as defined.

 

 

645,276

 

 

 

645,276

 

 

 

 

 

 

 

 

 

 

Notes payable to related party, from acquisition described in note 11, to previous owners of Smith, with interest of 8%, secured by all shares of Smith common stock, principal and interest due May 15, 2011.

 

 

210,000

 

 

 

210,000

 

 

 

 

 

 

 

 

 

 

Notes payable to related party, from acquisition described in note 11, to previous owners of Morris, with interest of 8%, secured by all shares of Morris common stock, principal and interest due May 15, 2011.

 

 

195,000

 

 

 

195,000

 

 

 

 

 

 

 

 

 

 

Amounts payable to related party, from acquisition described in note 11, to previous owners of Triple C, payment due November 10, 2010. The Company is currently in litigation and The Company has rescinded this acquisition to extend maturity.

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Note payable to shareholder, with interest at 8.5%, due on demand.

 

 

171,563

 

 

 

206,718

 

 

 

 

 

 

 

 

 

 

Note payable to shareholder, with interest at 8.0%, due on demand.

 

 

40,176

 

 

 

40,088

 

 

 

 

 

 

 

 

 

 

Note payable to shareholder, with interest at 5.0%, due on demand.

 

 

48,750

 

 

 

48,750

 

 

 

 

 

 

 

 

 

 

Note payable to related party, from acquisition described in note 11, to previous owners of Cross Creek, with interest at 5.0%, principal and interest due on March 31, 2019.

 

 

3,745,615

 

 

 

3,745,615

 

 

 

 

 

 

 

 

 

 

Total

 

$

5,187,084

 

 

$

5,222,151