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NOTES PAYABLE
6 Months Ended
Jun. 30, 2012
Notes Payable Disclosure [Abstract]  
Notes Payable Disclosure [Text Block]

NOTE 8

 

The Company assumed a note that was issued by Dutch Mining, LLC in the amount of $250,000 to GabrielaDienhart-Engel. The note is dated July 31, 2006 and carries an interest rate of 6.0%. The note is partially secured by the title to the Gold Bug mine. The balance outstanding at June, 2012 and December 31, 2011 was $250,000.

 

The Company assumed a note that was issued by Dutch Mining, LLC in the amount of $100,000 to Caruso-DienhartTBE Family Trust,LLC.,a Company related to the former Chairman of the Board,EwaldDienhart. The note is dated July 31, 2006 and carries an interest rate of 6.0%. The note is partially secured by the Gold Bug mine and certain equipment used by the Company.The balance outstanding at June 30, 2012 and December 31, 2011was $50,000.

 

The Company assumed a note that was issued by Dutch Mining, LLC in the amount of $950,000 to Josef Bauer for working capital. The note is guaranteed byEwaldDienhartand carries an interest rate of 8.0%. The balance outstanding at June 30, 2012 and December 31, 2011 was $950,000.

 

 All notes listed above are due on demand. In addition, the balances presented for the notes above and below exclude interest owed. Interest is accrued by the Company and recorded on the condensed consolidated balance sheet as an accrued liability.

 

The Company owes $104,000 at an interest rate of 7% for a short term note at June 30, 2012 and December 31, 2011 to Embassy International, LLC,aFlorida limited liability company. This note matured on November 10, 2011 and remains unpaid.

 

The Company owes $136,000 at an interest rate of 7% for a short term note at June 30, 2012 and December 31, 2011 to Embassy International, LLC,aFlorida limited liability company. This note matured on November 10, 2011 and remains unpaid.

 

The Company owes $258,000 at an interest rate of 6% for a short-term note at June 30, 2012 and December 31, 2011 to Embassy International, LLC,aFlorida limited liability. The note matured on February 16, 2012 and remains unpaid.

 

The Company owes in aggregate $300,000 at an interest rate of 7% for four short-term notes at June 30, 2012 and December 31, 2011 to Embassy International, LLC,aFlorida limited liability company. This noted matured on February 15, 2012 and remains unpaid.

 

The Company owes $82,500 at an interest rate of 6% for a short term note at June 30, 2012 and December 31, 2011 to Embassy International, LLC, a Florida limited liability companyThisnote matured on June 30, 2012 and remains unpaid.

 

The Company owes $117,500 at an interest rate of 7% for a short term note at June 30, 2012 and December 31, 2011 to Embassy International, LLC,aFlorida limited liability company. This note matured on April 1, 2012 and remains unpaid.

 

The Company owes $35,000 at an interest rate of 7% for a short term note at June 30, 2012  andDecember 31, 2011 to Embassy International, LLC, a Florida limited liability company. This note matured twelve months from May 5, 2011 and remains unpaid.

 

The Company owes $90,000 at an interest rate of 6% for a short-term note at June 30, 2012 and December 31, 2011 to Caruso-DienhartTBE Family Trust, LLC. This note matures in twelve months from May 26, 2011.

 

The Company owes $25,000 at an interest rate of 7% for a short term note at June 30, 2012 to Embassy International, LLC,aFlorida limited liability company controlled by the family of the former Chairman of the Board. This note matured on June 30, 2012 and remains unpaid.

 

The Company owes TomLeahey, CFO of Dutch Gold Resources, Inc., $25,000 with a balloon and interest payment of $10,000 due at maturity for a short term note at June 30, 2012 and December 31, 2011. This note matured on October 28, 2011 and remains unpaid. This is a related party note payable.

 

The Company owes C&H Capital, Inc. $20,000 under a promissory note dated May 4, 2012 and due one year from the execution date of the note. The note is convertible. Proceeds were used for corporate general expenses

 

The Company borrowed $36,000 from PaulPapi, a shareholder, on June 13, 2012 under a promissory note due one year from the date of execution. The note is convertible. Proceeds were used for corporate general expenses.

 

The Company, through its subsidiary DGRIAlgunDiaAcquisition Corporation, entered in a convertible promissory note withBelairMinexUSA in the amount of $50,000 on May 1, 2012. The note matures on its anniversary. Proceeds were used for corporate general expenses and working capital.

 

The Company entered into a convertible note with Asher Enterprises, Inc. in the amount of $35,000 on May 8, 2012. Said note matures nine months from the date of execution and is convertible. Proceeds were used for corporate general expenses and working capital.

 

The Company entered into a convertible note with Asher Enterprises, Inc. in the amount of $45,000 on June 6. 2012. Said note matures nine months from the date of execution and is convertible. Proceeds were used for corporate general expenses and working capital.

 

The Company entered into a convertible note with Asher Enterprises, Inc. in the amount of $42,500 on June 13. 2012. Said note matures nine months from the date of execution and is convertible. Proceeds were used for corporate general expenses and working capital.