LONG-TERM CONVERTIBLE NOTES PAYABLE

12 Months Ended

Dec. 31, 2013

Notes to Financial Statements

LONG-TERM CONVERTIBLE NOTES PAYABLE

NOTE 20 - LONG-TERM CONVERTIBLE NOTES PAYABLE

The following table summarizes the Company’s long-term convertible notes payable as of December 31, 2013:

	Principal		Accrued Interest		Debt Discount			Total as of 12.31.13
6% Senior secured convertible notes	$	468,680	$	46,196	$	(102,096	)	$	412,780
12% Senior secured convertible notes		408,000		27,608		(41,285	)		394,323
7% Senior secured convertible notes ($850,000)		850,000		13,367		(743,746	)		119,621
7% Senior secured convertible notes ($1,000,000)		1,000,000		2,301		(954,546	)		47,755
	$	2,726,680	$	89,472	$	(1,841,673	)	$	974,479

For comparison, the Company had total long-term convertible notes payable of $1,077,640 as of December 31, 2012, which consisted of principal in the amount of $1,795,077, accrued and unpaid interest totaling $68,022, and debt discount of $785,459. The long-term convertible notes payable as of December 31, 2012 were the 6% Senior Secured Convertible Notes (see “NOTE 16 – 6% SENIOR SECURED CONVERTIBLE NOTES”).