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NOTES PAYABLE

6 Months Ended

Jun. 30, 2013

NOTE 3 - NOTES PAYABLE

A summary of the activity in notes payable for the six months ended June 30, 2013 is shown below:


Notes payable - related parties

	Balance at January 1, 2013	$ 1,386,867
	Less: payments on notes payable	(266,667)
	Add: amortization of note discount	8,754
		1,128,954
	Less - current maturities, net - related parties	(478,954)
	Long-term notes payable, net June 30, 2013	$ 650,000

Notes payable - third parties

	Balance at January 1, 2013	$ 896,074
	Less: payments on notes payable	(600,000)
	Add: amortization of note discount	63,828
		359,902
	Less - current maturities, net - third parties	(359,902)
	Long-term notes payable, net June 30, 2013	$ -

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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