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Note 16 - Subsequent Events
12 Months Ended
Dec. 31, 2012
Subsequent Events [Text Block]
NOTE 16:              SUBSEQUENT EVENTS

On January 1, 2013 the Company issued a promissory note payable to our CEO and Director, Cornelis F. Wit in exchange for accrued interest in the amount of $529,000.  The note carries an interest rate of 12% per annum and matures on January 1, 2016.

On January 1, 2013 the Company issued promissory notes in the amount of $431,986 in exchange for existing promissory notes in the same amount.  The promissory notes carry an interest rate of 10% and have a maturity date of January 1, 2015.

On January 1, 2013 the Company issued a promissory note in the amount of $45,000 in exchange for an existing promissory note in the same amount.  The promissory note carries an interest rate of 12% and has a maturity date of January 1, 2015.

On February 1, 2013 the Company issued a promissory note in the amount of $20,000 to our Chairman and Chief Technology Officer Randall G. Smith in exchange for an existing promissory note in the same amount.  The promissory note carries an interest rate of 12% and has a maturity date of January 1, 2016.

On February 22, the Company extended the maturity date of $150,000 of convertible debentures to our Director, Guus van Kesteren originally issued in August 2008.  The debentures carry an interest rate of 10% and have a maturity date of January 1, 2015.  The expiration date of the warrants associated with the debentures was also extended to January 1, 2015.

On February 22, the Company extended the maturity date of $1,770,000 of convertible debentures to our CEO and Director, Cornelis F. Wit originally issued in August 2008.  The debentures carry an interest rate of 10% and have a maturity date of January 1, 2016.  The expiration date of the warrants associated with the debentures was also extended to January 1, 2016.

On February 22, the Company extended the maturity date of $4,505,000 of convertible debentures, including $4,475,000 due to our CEO and Director Cornelis F. Wit, $25,000 due to our COO and President Stephen E. Johnson and $5,000 due to our Chairman and Chief Technology Officer Randall G. Smith, originally issued in December 2008.  The debentures carry an interest rate of 12% and have a maturity date of January 1, 2016.  The expiration date of the warrants associated with the debentures was also extended to January 1, 2016.

On February 22, the Company extended the maturity date of $1,200,000 of convertible debentures, including $1,100,000 due to our CEO and Director Cornelis F. Wit, originally issued in September 2009.  The debentures carry an interest rate of 12% and have a maturity date of January 1, 2016.  The expiration date of the warrants associated with the debentures was also extended to January 1, 2016.

On February 22, the Company extended the maturity date of $1,490,000 of convertible debentures including $1,440,000 due to our CEO and Director Cornelis F. Wit originally issued in December 2009.  The debentures carry an interest rate of 12% and have a maturity date of January 1, 2016.  The expiration date of the warrants associated with the debentures was also extended to January 1, 2016.

On February 27, the Company extended the maturity date of $15,000 of convertible debentures originally issued to our former Director Matthew Veateh in December 2008.  The debentures carry an interest rate of 12% and have a maturity date of January 1, 2016.  The expiration date of the warrants associated with the debentures was also extended to January 1, 2016.

On March 5, 2013 the Company issued a promissory note in the amount of $137,500 in exchange for a promissory note in the same amount.  The promissory note carries an interest rate of 12% and has a maturity date of January 1, 2015.

On March 6, 2013, the Company extended the maturity date of $200,000 of convertible debentures originally issued in December 2008.  The debentures carry an interest rate of 12% and have a maturity date of January 1, 2014.  The expiration date of the warrants associated with the debentures was also extended to January 1, 2014.

On March 12, 2013, the Company extended the maturity date of $100,000 of convertible debentures originally issued in December 2008.  The debentures carry an interest rate of 12% and have a maturity date of January 1, 2015.  The expiration date of the warrants associated with the debentures was also extended to January 1, 2015.

On March 13, 2013 a pool of 1,225,000 shares of restricted stock was issued to the executive managers, senior managers and external board members of the Company.  The shares will be held in escrow to be released ratable over a three year period. The employee/director retains the voting rights over all shares while in escrow.

On March 18, 2013 the Company entered into a $2,000,000 revolving line of credit guaranteed by Cornelis F. Wit, CEO and Director.  The line is with The Northern Trust Company and matures on March 17, 2014 and carries a variable interest rate that is currently 2.75%.