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Notes Payable - Related Parties

9 Months Ended

Sep. 30, 2013

Note 7. Notes Payable – Related Parties

During the nine months ended September 30, 2013, the Company repaid $7,000 of a note payable to a related party ($28,000 - 2012). Included in accrued interest payable is accrued interest payable to related parties of $348,561 at September 30, 2013 ($317,287 - December 31, 2012).

- 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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