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Accrued Compensation
9 Months Ended
Sep. 30, 2012
Disclosure Text Block Supplement [Abstract]  
Accrued Compensation

Note 9 — Accrued Compensation

  

Accrued compensation represents amounts owed to officers of the Company for services. The principal of $1,050,895 and $810,096 as of September 30, 2012 and 2011 respectively, is not subject to a fixed repayment schedule, and interest on the outstanding balances is payable at 8% per annum, compounding monthly. A total of $57,867 and $50,000 in compensation was accrued for the three months ended September 30, 2012 and 2011, respectively. A total of $240,799 and $150,000 in compensation was accrued for the nine months ended September 30, 2012 and 2011, respectively. Interest expense related to accrued compensation amounts to $28,627 and $20,764 for the three months ended September 30, 2012 and 2011, respectively. Interest expense related to accrued compensation amounts to $77,385 and $57,627 for the nine months ended September 30, 2012 and 2011, respectively. Total accrued interest on the accrued compensation was $416,304 and $339,323 as of September 30, 2012 and December 31, 2011, respectively and all these amounts are included in Long Term Accrued Interest, under the Long-Term Liabilities portion of the consolidated balance sheet.