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11. Amounts payable to officers | 12 Months Ended
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Dec. 31, 2012
Amounts Payable To Officers |
NOTE 11 - Amounts payable to officers | The amounts payable to officers were:
|  | December 31, |
|  | 2012 |  |  | 2011 |
Loan from former chairman and president |  | $ | – |  |  | $ | 78,919 |
Officer pursuant to employment agreement |  |  | 156,358 |  |  |  | 50,244 |
Promissory note to officer |  |  | 55,000 |  |  |  | 55,000 |
|  | $ | 211,358 |  |  | $ | 184,163 |
The loan and promissory note are unsecured, due on demand, have no priority or subordination features, do not bear any restrictive covenants and contain no acceleration provisions. Interest expense on these loans for 2012 and 2011 was $0 and $19,949, respectively. In connection with the employment agreement for its Senior Vice President and Chief Operating Officer, the Company assumed a promissory note of $231,525 formerly owed to him by PEI and agreed to pay the promissory note with $121,525 payable to him upon the closing of the acquisition of PEI by the Company, $55,000 due 90 days after the closing of the acquisition, and $55,000 due 180 days after the closing of the acquisition. Any unpaid amounts after 180 days following the closing of the acquisition will bear interest at 5%. In June 2011, upon closing the acquisition of PEI, the Company paid the first installment of $121,525 and $55,000 was paid in September 2011. In 2012, a review of the employment contract for an officer revealed that the non-salary amounts due to him were $156,358 as of December 31, 2012 from $50,244 as of December 31, 2011. During 2011, $45,000 was paid to a director to pay down the last portion of the principal balance of a loan made to the Company in 2005. The former chairman and president provided the Company with $557,650 from December 2010 through June 2011, he was repaid $564,363 during the first six months of 2011. During 2011, $77,176 was paid to an officer pursuant to an employment agreement and another officer was paid $176,525 pursuant to an employment agreement.

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