|
3. Interest, Advances and Promissory Notes Payable (Tables)
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3 Months Ended |
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Sep. 30, 2013
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| Interest Advancesand Promissory Notes Payable [Abstract] |
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| Schedule of Interest Payable Activity |
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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
|
|
379,304
|
|
Balance, September 30, 2013 (unaudited)
|
$
|
1,948,625
|
|
| Schedule of Interest Payable |
|
|
|
September 30, 2013
|
|
December 31,
2012
|
|
|
|
(unaudited)
|
|
|
|
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Relatives of the Chairman
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$
|
946,367
|
$
|
586,697
|
|
|
Non-related parties
|
|
1,002,258
|
|
982,624
|
|
|
$
|
1,948,625
|
$
|
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, September 30, 2013 (unaudited)
|
$
|
115,613
|
|
| Schedule of Advances Payable |
|
|
|
September 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 to Unrelated Lenders |
|
Unrelated Lenders
|
|
September 30,
2013
(unaudited)
|
|
December 31,
2012
|
|
|
|
|
|
|
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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
|
|
|
|
|
|
|
|
|
|
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ii.
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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
|
|
|
|
|
|
|
|
|
|
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iii.
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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
|
|
|
|
|
|
|
|
|
|
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iv.
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Non-interest-bearing, repayable on July 17, 2005, due on demand
|
|
270,912
|
|
270,912
|
|
|
|
|
|
|
|
|
|
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v.
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Non-interest-bearing loan repayable at $25,000 per month beginning October 2009, none repaid to date
|
|
310,986
|
|
310,986
|
|
|
|
|
|
|
|
|
|
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vi.
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Non-interest-bearing loan, due January 15, 2012
|
|
125,000
|
|
125,000
|
|
|
|
|
|
|
|
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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
|
|
|
|
|
|
September 30,
2013
|
|
December 31,
2012
|
|
|
|
(unaudited)
|
|
|
|
Promissory notes payable to related parties:
|
$
|
2,861,966
|
$
|
2,861,966
|
|