|
3. Interest, Advances and Promissory Notes Payable (Tables)
|
6 Months Ended |
9 Months Ended |
|
Jun. 30, 2012
|
Sep. 30, 2012
|
| Schedule of Interest Payable Activity |
|
|
Balance,
December 31, 2010
|
$
|
1,426,294
|
|
|
Interest
incurred on promissory notes payable
|
|
505,568
|
|
|
Transfer
of balance to accounts payable
|
|
(1,167)
|
|
Balance,
December 31, 2011
|
|
1,930,695
|
|
Interest
incurred on promissory notes payable
|
|
379,179
|
|
Repayment
|
|
(866,744)
|
|
Balance,
September 30, 2012
|
$
|
1,443,130
|
|
| Schedule of Interest Payable |
|
|
|
|
September
30
|
|
December
31
|
|
|
|
2012
|
|
2011
|
|
|
Relatives
of directors
|
$
|
510,342
|
$
|
1,140,916
|
|
|
Non-related
parties
|
|
932,788
|
|
789,779
|
|
|
$
|
1,443,130
|
$
|
1,930,695
|
|
| Schedule of Advances Payable Activity |
|
|
Balance,
December 31, 2010
|
$
|
213,678
|
|
Advances
accrued
|
|
234,600
|
|
Advances
reclassified as accounts payable
|
|
(64,259)
|
|
Advances
repaid from proceeds of line of credit
|
|
(283,492)
|
|
Balance,
December 31, 2011
|
$
|
100,527
|
|
Advances
accrued
|
|
5,000
|
|
Balance,
September 30, 2012
|
$
|
105,527
|
|
| Schedule of Advances Payable |
|
|
|
|
September
30
|
|
December
31
|
|
|
|
2012
|
|
2011
|
|
Advances
payable to:
|
|
|
|
|
|
|
Companies
controlled by directors
|
$
|
65,527
|
$
|
65,527
|
|
|
Current
and former directors
|
|
40,000
|
|
35,000
|
|
|
$
|
105,527
|
$
|
100,527
|
|
| Schedule of Promissory Notes Payable |
|
|
Relatives
of Directors
|
|
September
30,
2012
|
|
December
31, 2011
|
|
|
|
|
|
|
|
Promissory
notes payable to relatives of directors
collateralized by a general security agreement on all
the assets of the Company, due on demand:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i.
|
Interest
at 1% per month
|
$
|
845,619
|
$
|
845,619
|
|
|
|
|
|
|
|
|
|
|
ii.
|
Interest
at 1.25% per month
|
|
51,347
|
|
51,347
|
|
|
|
|
|
|
|
|
|
|
iii.
|
Interest
at the U.S. bank prime rate plus 1%
|
|
500,000
|
|
500,000
|
|
|
|
|
|
|
|
Promissory
notes payable, unsecured, to relatives of a director,
bearing interest at 1% per month, due on
demand
|
|
1,465,000
|
|
1,465,000
|
|
|
$
|
2,861,966
|
$
|
2,861,966
|
|
| Schedule of Activity of Promissory Notes Payable to Unrelated Lenders |
|
Balance,
December 31, 2010
|
$
|
2,413,368
|
|
|
Increase
in promissory note payable
|
|
10,985
|
|
Balance,
December 31, 2011 and September 30, 2012
|
$
|
2,424,353
|
|
|
| Schedule of Promissory Notes Payable to Unrelated Lenders |
|
|
Unrelated
Lenders
|
|
September
30,
2012
|
|
December
31, 2011
|
|
|
|
|
|
|
|
Unsecured
promissory notes payable to unrelated lenders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i.
|
Interest
at 1% per month, repayable on March 31, 2009, due on
demand
|
$
|
450,000
|
$
|
450,000
|
|
|
|
|
|
|
|
|
|
|
ii.
|
Interest
at 1% per month, with $50,000 repayable on December
31, 2004, $75,000 repayable on August 18, 2007,
$75,000 repayable on November 19, 2007 and the
balance due on demand. All are due on demand,
accruing interest at the same rate.
|
|
887,455
|
|
887,455
|
|
|
|
|
|
|
|
|
|
|
iii.
|
Interest
at 0.625% per month, with $50,000
repayable on October 5, 2004, $40,000 repayable on
December 31, 2004, and $60,000 repayable on July 28,
2006, all due on demand
|
|
150,000
|
|
150,000
|
|
|
|
|
|
|
|
|
|
|
iv.
|
Non-interest-bearing,
repayable on July 17, 2005, due on demand
|
|
270,912
|
|
270,912
|
|
|
|
|
|
|
|
|
|
|
v.
|
Non-interest-bearing
loan repayable at $25,000 per month beginning October
2009, none repaid to date
|
|
310,986
|
|
310,986
|
|
|
|
|
|
|
|
|
|
|
vi.
|
Non-interest-bearing
loan, due January 15, 2012
|
|
125,000
|
|
125,000
|
|
|
|
|
|
|
|
|
Promissory
notes payable, secured by a guarantee from a director
and relative of a director, bearing interest at 1%
per month, with $200,000 repayable on July 31, 2003,
all due on demand
|
|
230,000
|
|
230,000
|
|
|
$
|
2,424,353
|
$
|
2,424,353
|
|