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NOTES PAYABLE

12 Months Ended

Sep. 30, 2013

Notes Payable

NOTE 6. NOTES PAYABLE

The Company and its subsidiaries repaid $33,565, repaid $15,607 and issued $1,908 in promissory notes, net of repayments during the years ended September 30, 2013, 2012 and 2011 respectively. The newly issued and existing promissory notes bear interest at rates of 8% - 12% per annum and are repayable on or before the first anniversary date of issuance. Included in Promissory Notes payable is $75,285 in Notes Payable including accrued interest of $29,437 to Michael Lee – CEO at September 30, 2013.

(As at September 30, 2012 Notes Payable plus accrued interest of $24,831 owing to Mr. Lee totaled $76,194. As at September 30, 2011 Notes Payable plus accrued interest of $17,509 owing to Mr. Lee totaled $65,687.). See also Related Party Transactions Note 14.

September 30,		2013				2012				2011
Promissory Notes Issued and outstanding, net of repayments and conversions:		$	597,827			$	699,126				654,305
Interest accrued			343,789				296,786				202,604
Promissory Notes Payable		$	941,616			$	995,912				856,909

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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