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10. Payable to Officers
 3 Months Ended
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.