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10. Payable to Officers | 3 Months Ended
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Mar. 31, 2013
Payable To Officers |
NOTE 10 - Payable to Officers | 10. Payable to Officers The amounts payable to officers were:
|  | March 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Officer pursuant to employment agreement |  | $ | 156,358 |  |  | $ | 156,358 |
Promissory note to former officer |  |  | 55,000 |  |  |  | 55,000 |
|  | $ | 211,358 |  |  | $ | 211,358 |
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.

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