| Schedule of debt |
Debt as of September 30, 2013 and December 31, 2012, was comprised of the following:
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2013
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2012
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June 2011 Note (See above)
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$ |
68,000 |
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$ |
68,000 |
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Note payable dated February 2012, interest at 5% per annum, $112,500 is due December 31, 2014, convertible in whole or in part to common stock at $.50 per share.
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225,000
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225,000
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Promissory note dated April 2008, secured by certain of our assets, bearing interest at 6.65% per annum; 60 monthly payments of $14,276, maturing April 2013.
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—
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70,200
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Promissory note dated December 2009, unsecured, bearing interest at 6% per annum, six monthly payments ranging from $10,000 to $25,000 commencing February 2010, balloon payment for outstanding balance due July 2010. The promissory note is in default as of December 31, 2012 and 2011.
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104,200
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104,200
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Promissory note dated November 2010, unsecured, bearing interest at 8% per annum, balloon payment for outstanding balance due October 2011. The promissory note is in default as of December 31, 2012 and 2011.
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25,000
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25,000
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Convertible note, unsecured, dated August 2013, bearing interest at 8% per annum, due December 31, 2013 (See Note 11)
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50,000 |
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— |
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Note
payble for purchase of certain equipment, twenty-four payments of $4,583, due August 15, 2015. The note
payable is secured by the certain equipment.
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110,000 |
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— |
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Capital lease obligations, secured by certain assets, maturing September 2011 through August 2016
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78,900 |
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109,000 |
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Debt discount
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(3,000 |
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Total notes payable and capital lease obligation
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658,100 |
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601,400 |
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Less: current portion, including debt discount
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(314,800 |
) |
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(319,800 |
) |
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Notes payable and capital lease obligation, long-term
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$ |
343,300 |
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$ |
281,600 |
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