NOTE 5: DEBT

Notes Payables

The Company financed three field service vehicles using notes with various terms that have been recorded in the financial statements as notes payable. As of March 31, 2011, two field service vehicles have been fully paid and one field service vehicle has a balance of $8,292 remaining. The remaining note payable expires in March 2012 and has an interest rate of approximately 10% per annum and payable in monthly installments of $732 including principal and interest. The remaining note payable amount will mature through 2012 as follows: 2011 - $4,146; 2012 - $2,157. The note is secured by the vehicle acquired.


	(Unaudited) June 30, 2011
Total vehicle notes	$	6,303
Less: current portion		6,303


Long-term portion	$	—

Loans Payable-Related Party

At June 30, 2011, loans payable to related party, totaling $54,987, consisted of advances of $54,023 and $964 of accrued interest for the six months ended June 30, 2011, from the Company’s CEO. Interest on these advances accrues at the rate of 5% per annum, and the loans are payable on demand.