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NOTE 9 - NOTES PAYABLE
3 Months Ended
Jun. 30, 2012
Debt Disclosure [Text Block]
NOTE 9 – NOTES PAYABLE

In March 2011, the Company finalized an agreement with Bricoleur Partners, L.P. (“Bricoleur”) to exchange the promissory note issued to Bricoleur on October 16, 2009 (the “Bricoleur Note”) for a new promissory note with a later maturity date.

The Bricoleur Note was due on June 30, 2011 with no prior payments due and did not bear interest.  The Company issued additional 688,500 shares of its common stock to Bricoleur on February 25, 2011 in connection with the extension of the term regarding the Bricoleur note.  Currently, the Company is negotiating a further restructuring of the Bricoleur note.

As reported on a Current Report on Form 8-K filed by the Company on April 6, 2012, the Company retired a note in the amount of $2,232,627.79 on April 5, 2012.  The Company paid off the loan to the Steven M. Oliveira 1998 Charitable Remainder Unitrust (‘Oliveira’) with 4,426,304 shares of newly issued Common Stock.  The note holder has articulated that he is entitled to 5,000,000 shares, which claim we oppose vigorously.  There has been no legal action filed in connection with this claim