| Schedule of debt |
Debt as of December 31, 2013 and 2012,
was comprised of the following:
| |
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
|
|
| June 2011 Note (See above) |
|
$ |
68,000 |
|
|
$ |
68,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
225,000 |
|
|
|
225,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
— |
|
|
|
70,200 |
|
| |
|
|
|
|
|
|
|
|
| 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 was in default as of December 31, 2013 and 2012. (Note 18) |
|
|
104,200 |
|
|
|
104,200 |
|
| |
|
|
|
|
|
|
|
|
| Promissory note dated November 2010, unsecured, bearing interest at 8% per annum, balloon payment for outstanding balance due October 2011. The promissory note was in default as of December 31, 2012 and was repaid in 2013. |
|
|
— |
|
|
|
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Capital lease obligations, secured by certain assets, maturing September 2011 through August 2016 |
|
|
155,600 |
|
|
|
109,000 |
|
| Total notes payable and capital lease obligations |
|
|
552,800 |
|
|
|
601,400 |
|
| Less: current portion, including debt discount |
|
|
(504,700 |
) |
|
|
(319,800 |
) |
| Notes payable and capital lease obligations, long-term |
|
$ |
48,100 |
|
|
$ |
281,600 |
|
|
| Schedule of future minimum lease payments under capital leases |
Future minimum lease payments under capital
leases, which include bargain purchase options, are as follows at December 31, 2013:
| 2014 |
|
$ |
110,900 |
|
| 2015 |
|
|
55,200 |
|
| 2016 |
|
|
600 |
|
| Total minimum lease payments |
|
|
166,700 |
|
| Amount representing interest |
|
|
(11,100 |
) |
| Present value of lease payments |
|
|
155,600 |
|
| Less current portion |
|
|
(107,500 |
) |
| Non-current portion |
|
$ |
48,100 |
|
|