Quarterly report pursuant to Section 13 or 15(d)

LOANS FROM RELATED PARTY

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LOANS FROM RELATED PARTY
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Note 10. LOANS FROM RELATED PARTY

Notes payable is as follows:

 

    June 30,     December 31,  
    2012     2011  
             
Unsecured promissory note dated December 2, 2011 and due December 2, 2012, issued to an entity controlled by Michael James an officer of the Company, bearing interest at a rate of 15% per annum. Interest shall be paid in cash or common stock at the holders’ option.   $ 45,000     $ 50,000  
                 
Unsecured promissory note dated December 2, 2011 and due December 2, 2012, issued to Michael Nahass a director of the Company, bearing interest at a rate of 15% per annum. Interest shall be paid in cash or common stock at the holders’ option.     100,000       100,000  
                 
Unsecured promissory note dated January 16, 2012 and due January 16, 2013, issued to Derek Peterson an officer and director of the Company, bearing interest at a rate of 15% per annum. Interest shall be paid in cash or common stock at the holders’ option.     10,000       -  

 

 Unsecured promissory note dated January 16, 2012 and due January 16, 2013, issued to Michael Nahass a director of the Company, bearing interest at a rate of 15% per annum.  Interest shall be paid in cash or common stock at the holders’ option.       5,000         -  
                 
Unsecured demand note dated March 30, 2012, issued to Amy Almsteier an officer and director of the Company, bearing interest at a rate of 15% per annum.  Interest shall be paid in cash or common stock at the holders’ option.         5,000           -  
                 
Unsecured demand note dated April 3, 2012, issued to Amy Almsteier   an officer and director of the Company, bearing interest at a rate of 15% per annum.  Interest shall be paid in cash or common stock at the holders’ option.       11,300         -  
                 
Unsecured demand note dated May 1, 2012 issued to Derek Peterson an officer and director of the Company, bearing interest at a rate of 15% per annum.  Interest shall be paid in cash or common stock at the holders’ option.       2,890         -  
    $ 179,190     $ 150,000