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Notes Payable – Related Parties
6 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Notes Payable – Related Parties

 

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

 

 

   September 30, 2011  March 31, 2011
       
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  $371,621   $562,944 
           
Collateralized Notes Payable due October 2012, with          
interest of 9.9%, collateralized by equipment as defined   382,526    —   
           
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 
           
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 The Company is currently in litigation and The Company has rescinded this aquisition to extend maturity   150,000    150,000 
           
Note payable to shareholder, with interest at 8.5%, due on demand   212,261    328,138 
           
Note payable to shareholder, with interest at 8.0%, due on demand   40,000    40,000 
           
Note payable to shareholder, with interest at 5.0%, due on June 1, 2011   —      9,900 
           
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   3,765,000    —   
           
Note payable to related party, with interest at 10.0%, due on November 10, 2011   27,000    —   
   $5,158,408   $1,300,982