|
3. Interest, Advances and Promissory Notes Payable (Tables)
|
6 Months Ended |
12 Months Ended |
|
Dec. 31, 2012
|
Dec. 31, 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
|
|
505,571
|
|
Repayment
of interest payable through line of credit
|
|
(6,500)
|
|
Repayment
of interest payable through exercise of
options
|
|
(860,244)
|
|
Other
|
|
(201)
|
|
Balance,
December 31, 2012
|
$
|
1,569,321
|
|
| Schedule of Interest Payable |
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
|
|
Relatives
of directors
|
$
|
586,697
|
$
|
1,185,629
|
|
|
Non-related
parties
|
|
982,624
|
|
745,066
|
|
|
$
|
1,569,321
|
$
|
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
|
|
60,000
|
|
Advances
repaid from proceeds of line of credit
|
|
(55,258)
|
|
Balance,
December 31, 2012
|
$
|
105,649
|
|
| Schedule of Advances Payable |
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
|
Advances
payable to:
|
|
|
|
|
|
|
Companies
controlled by directors
|
$
|
65,524
|
$
|
65,402
|
|
|
Current
and former directors
|
|
40,125
|
|
35,125
|
|
|
$
|
105,649
|
$
|
100,527
|
|
| Schedule of Related Party Transactions [Table Text Block] |
|
Balance,
December 31, 2011
|
$
|
5,286,319
|
|
|
Promissory
notes payable issued
|
|
-
|
|
Balance,
December 31,2012
|
$
|
5,286,319
|
|
|
|
|
2012
|
|
2011
|
|
Development
costs:
|
|
|
|
|
|
Services
rendered by directors and officers
|
$
|
60,000
|
$
|
60,000
|
|
Interest
expense:
|
|
|
|
|
|
Promissory
notes and lines of credit issued to director and
relatives of
directors
|
|
406,732
|
|
519,403
|
|
Stock
options granted to a director and officer
|
|
5,377,907
|
|
914,491
|
|
Stock
options granted to relatives of directors
|
|
-
|
|
1,493,702
|
|
Selling,
general and administration:
|
|
|
|
|
|
Compensation
to a director and officer
|
|
189,600
|
|
189,600
|
|
Stock
options and share based payments to a director and
officer
|
|
180,402
|
|
209,898
|
|
| Schedule of Promissory Notes Payable |
|
|
Relatives
of Directors
|
|
December
31,
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
|
|
Total
Related Promissory Notes
|
$
|
2,861,966
|
$
|
2,861,966
|
|
| Schedule of Promissory Notes Payable to Unrelated Lenders |
|
|
Unrelated
Lenders
|
|
December
31,
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, 2011 (Unpaid)
|
|
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
|
|
Total
Arms Length Promissory Notes
|
|
2,424,353
|
|
2,424,353
|
|