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(8) Long-term Debt: Schedule of Note payable transactions (Tables)
12 Months Ended
Dec. 31, 2012
Tables/Schedules  
Schedule of Note payable transactions

 

 

December 31, 2012

December 31, 2011

 

 

 

Face value of notes

$130,000

$130,000

 

 

 

Proceeds from notes payable

$130,000

$130,000

Less value associated with common stock issued in connection with origination of notes

(48,236)

(48,236)

Less value of detachable warrants issued in connection with origination of notes

(26,472 )

(26,472)

 

 

 

Net value of notes at date of origination

55,292

55,292

 

 

 

Amortization of discount associated with common stock and detachable warrants

32,659

14,405

 

 

 

Net long-term debt

$87,951

$69,697

 

 

 

Payments not made in accordance with note terms

$39,652

$19,676