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6. NOTES PAYABLE
 12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
6. NOTES PAYABLE

Notes payable consist of the following:

 

  

As of

December 31,2012

  

As of

December 31, 2011

 
Note payable due to a shareholder of the company, bearing no interest, due on demand and unsecured.  $–    

 

$1,031,500 (a)

 
Note payable due to a shareholder of the company, bearing no interest, due on demand and unsecured.   –    

 

510,000 (a)

 
Note payable due to a shareholder of the company, bearing interest at 8%, due on demand and unsecured.   150,000    150,000 
Note payable due to a shareholder of the company, bearing no interest, due on demand and unsecured.   –    

 

128,000 (a)

 
Note payable due to a shareholder of the company, bearing interest at 8%, due February 2011 and unsecured.   –    

 

50,000 (c)

 
Note payable due to a shareholder of the company, bearing interest at 8%, due February 2012 and unsecured.   –    

 

25,000 (a)

 
Note payable due to a shareholder of the company.   19,400    19,400 
Note payable due to a shareholder of the company, bearing no interest, due on demand and unsecured.   –    

10,000 (a)

 
Note payable.   –    10,000 (b) 
Note payable.   –    5,000 (b) 
Note payable.   –    5,000 (b) 
    169,400    1,943,900 
Less: non-current portion   –    – 
   $169,400   $1,943,900 

 

  (a) During the year ended December 31, 2012, $1,704,500 of notes payable were paid with issuances of stock and warrants see notes under common stock.
  (b) During the year ended December 31, 2012 these notes payables representing debentures were revoked on 09/28/212.
  (c) During the year ended December 31, 2012 the note payable to an individual who is deceased was recorded as forgiveness of debt.