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Notes Payable – Related Parties

9 Months Ended

Dec. 31, 2011

Note 7. Notes Payable – Related Parties

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

	December 31, 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.		441,543		-

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 The Company is currently in litigation and The Company has rescinded this aquisition to extend maturity.		150,000		150,000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.		211,466		328,138

Note payable to shareholder, with interest at 8.0%, due on demand.		45,833		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.		3,800,000		-

	$	5,230,463	$	1,300,982

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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