v2.3.0.11
Notes Payable
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Note D - Notes Payable

 A summary of our notes payable as of June 30, 2011 and related changes for the six-months ended June 30, 2011 are as follows:

 

Type   Balance January 1, 2011     Additions     Payments and Conversions     Beneficial Conversion Feature Discount     Carrying value at June 30, 2011     Interest accrued  
Other notes payable (in default)   $ 53,000     $ -     $ (53,000 )   $ -     $ -     $ -  
Other notes payable     348,410       -       (333,410 )     -       15,000       2,828  
Total other notes payable   $ 401,410     $ -     $ (386,410 )   $ -     $ 15,000     $ 2,828  
                                                 
Debentures   $ 115,000     $ -     $ (65,000 )   $ -     $ 50,000     $ 16,285  
                                                 
Total debt   $ 509,952     $ -     $ (451,410 )   $ -     $ 65,000     $ 19,114  

 

During the six months ended June 30, 2011 and June 30, 2010 we recognized $48,253 and $202,320 of interest expense respectively.  All of the above notes payable are classified as current.