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Convertible Notes Payable (Tables)
6 Months Ended
Jun. 30, 2012
Convertible Notes Payable (Tables)  
Detailed Information Relating to Convertible Notes Payable

Convertible notes payable at June 30, 2012 and December 31, 2011 consisted of the following:

 

 

 

June 30,

2012

 

December 31,

2011

 

(1) Convertible note bearing interest at 8% per annum, originally scheduled to mature on March 28, 2008, with a conversion price of $9.00 per share. As of June 30, 2012, the Company has not received a response from the note holder regarding a settlement agreement.

$

235,000

$

235,000

 

(2) Convertible notes bearing interest at 8% per annum with a conversion price of $9.00 per share which was originally scheduled to mature on December 31, 2010.  As of June 30, 2012, the Company has not received a response from the note holder regarding a settlement agreement.

 

50,000

 

50,000

 

(3)  Convertible note bearing interest at 9% per annum with a conversion price of $1.40 per share which was originally scheduled to mature on December 9, 2010.  As of June 30, 2012, the Company has not received a response from the note holder regarding a settlement agreement.

 

200,000

 

200,000

 

(4)  Convertible note bearing interest at 9% per with a conversion price of $0.80 per share which was originally scheduled to mature on December 31, 2010.  As of June 30, 2012, the Company has not received a response from the note holder regarding a settlement agreement.

 

 

 

150,000

 

150,000

 

(5) Convertible note executed in May 2007 bearing interest at 9% per annum with a conversion price of $0.35 per share which was originally scheduled to mature December 31, 2010.  As of June 30, 2012, the Company has not received a response from the note holder regarding a settlement agreement.

 

100,000

 

100,000

 

(6) Convertible notes executed in June 2007 bearing interest at 8% per annum which was originally scheduled to mature on December 29, 2010.  As of June 30, 2012, the Company has not received a response from the note holder regarding a settlement agreement.

 

100,000

 

100,000

(7) Convertible note executed in July 2007 bearing interest at 8% per annum which was originally scheduled to mature on January 2, 2011.  As of June 30, 2012, the Company has not received a response from the note holder regarding a settlement agreement.

 

100,000

 

100,000

(8) Convertible notes executed in August 2007 bearing interest at 9% per annum which was originally scheduled to mature on August 9, 2010. The Company is pursuing extensions.

 

120,000

 

120,000

(9) Convertible notes executed in December 2009 bearing interest at 9% per annum maturing on December 1, 2012, with a conversion price of $0.105 per share. The Company issued 200,000 warrants with an exercise price of $0.10 per share and an expiration date of December 1, 2012 in connection with the notes.

 

50,000

 

50,000

(10) Convertible note bearing interest at 8% per annum, maturing on March 31, 2015.

 

30,000

 

30,000



(11) Convertible notes, bearing compound interest at 8% per annum, which were originally scheduled to mature on June 30, 2010, with a conversion price of $10.00 per share. Per the terms of a debt purchasing agreement formalized with a consultant in September 2011, the Company transferred one of the notes, in the amount of $10,000, including accrued interest, to the consultant in October 2011 (see Note 11). The Company is pursuing extensions.

 

48,755

 

48,755

(12) Four convertible notes bearing interest at 4% per annum, maturing on December 5, 2012, January 3, 2013, January 31, 2013 and March 2, 2013, respectively (see Note 10). On June 15, 2012, the note holder converted $15,000 of the December 5, 2011 into 2,668,089 unrestricted shares of the Company's common stock at $0.005622 per share (see Note 11).

 

285,000

 

75,000

(13) Two convertible notes bearing interest at 8% per annum, maturing on January 6, 2013 and February 8, 2013, respectively (see Note 10).

 

85,500

 

-

(14) Convertible non-interest bearing notes, with a conversion price of $9.00 per share which matured June 2006 and an 18% convertible note which matured November 2008 with a conversion price of $0.50 per share and 6,667 shares of the Company’s common stock. As of June 30, 2012, the Company has not received a response from the note holders regarding a settlement agreement.

 

10,512

 

10,512

 

 

1,564,767

 

1,269,267

Long term portion

 

(30,000)

 

(30,000)

 

 

1,534,767

 

1,239,267

Discount on convertible notes payable

 

(313,766)

 

(85,511)

Current maturities, net of discount

$

1,221,001

$

1,153,756