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7. Related Party Notes Payable
12 Months Ended
Mar. 31, 2012
Related Party Transactions [Abstract]  
7. Related Party Notes Payable

 

 

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

 

    March 31, 2012     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.   $ 130,704     $ 562,944  
                 
Collateralized Notes Payable due October 2012, with                
interest of 9.9%, collateralized by equipment as defined.     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       0  
                 
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 The Company is currently in litigation and The Company has rescinded this aquisition to extend maturity.     150,000       150,000  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.     206,410       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.     3,745,615       -  
                 
Total   $ 5,323,005     $ 1,300,982