|
3. Interest, Advances and Promissory Notes Payable (Tables)
|
3 Months Ended |
|
Mar. 31, 2013
|
| Schedule of Interest Payable Activity |
|
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
|
|
Interest
incurred on promissory notes payable
|
|
126,518
|
|
Balance,
March 31, 2013 (unaudited)
|
$
|
1,695,839
|
|
| Schedule of Interest Payable |
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2013
(unaudited)
|
|
2012
|
|
|
Relatives
of directors
|
$
|
663,254
|
$
|
586,697
|
|
|
Non-related
parties
|
|
1,032,585
|
|
982,624
|
|
|
$
|
1,695,839
|
$
|
1,569,321
|
|
| Schedule of Advances Payable Activity |
|
Balance,
December 31, 2011
|
$
|
100,527
|
|
Advances
accrued
|
|
60,000
|
|
Advances
repaid from proceeds of line of credit
|
|
(54,914)
|
|
Balance,
December 31, 2012
|
|
105,613
|
|
Advances
accrued
|
|
15,000
|
|
Advances
repaid from proceeds of line of credit
|
|
(10,000)
|
|
Balance,
March 31, 2013 (unaudited)
|
$
|
110,613
|
|
| Schedule of Advances Payable |
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2013
(unaudited)
|
|
2012
|
|
Advances
payable to:
|
|
|
|
|
|
|
Companies
controlled by directors
|
$
|
65,524
|
$
|
65,524
|
|
|
Current
and former directors
|
|
45,089
|
|
40,089
|
|
|
$
|
110,613
|
$
|
105,613
|
|
|
|
Balance,
December 31, 2012 and March 31, 2013
(unaudited)
|
$
|
5,286,319
|
|
| Schedule of Promissory Notes Payable |
|
Relatives
of Directors - January 1, 2001 - June 30, 2012
|
|
March
31,
2013
(unaudited)
|
|
December
31,
2012
|
|
|
|
|
|
|
|
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 Promissory Notes Payable to Unrelated Lenders |
|
Unrelated
Lenders
|
|
March
31,
2013
(unaudited)
|
|
December
31,
2012
|
|
|
|
|
|
|
|
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
|
|