|
3. Interest, Advances and Promissory Notes Payable (Tables)
|
3 Months Ended |
|
Jun. 30, 2013
|
| Interest Advancesand Promissory Notes Payable [Abstract] |
|
| 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
|
|
252,910
|
|
Balance,
June 30, 2013 (unaudited)
|
$
|
1,822,231
|
|
| Schedule of Interest Payable |
|
|
|
June
30,
2013
|
|
December
31,
2012
|
|
|
|
(unaudited)
|
|
|
|
|
Relatives
of directors
|
$
|
739,810
|
$
|
586,697
|
|
|
Non-related
parties
|
|
1,082,421
|
|
982,624
|
|
|
$
|
1,822,231
|
$
|
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
|
|
30,000
|
|
Advances
repaid from proceeds of line of credit
|
|
(20,000)
|
|
Balance,
June 30, 2013 (unaudited)
|
$
|
115,613
|
|
| Schedule of Advances Payable |
|
|
|
June
30,
2013
|
|
December
31,
2012
|
|
|
|
(unaudited)
|
|
|
|
Advances
payable to:
|
|
|
|
|
|
|
Company
controlled by former Director
|
$
|
65,524
|
$
|
65,524
|
|
|
Former
Director
|
|
50,089
|
|
40,089
|
|
|
$
|
115,613
|
$
|
105,613
|
|
| Schedule of Promissory Notes Payable |
|
Relatives
of Directors
|
|
June
30,
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
|
|
June
30,
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
|
|