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Notes Payable
6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Note 3. NOTES PAYABLE

On November 4, 2011, the Company entered into a Settlement Agreement and General Mutual Release under which Alma Bailante Real Estate Inc. (a secured creditor) has agreed to release and forever discharge $1,200,000 of debt in exchange for 4,666,929 shares of common stock of DADG beneficially owned by Albanna and 12,000,000 shares of common stock of DADG (new shares) and enter into a new Promissory Note evidencing the remaining $945,962 of debt owned by Alma. In exchange, Alma agreed to release any and all security interest held by Alma in relation to the debt; specifically Alma released and discharged the collateralized interest Alma had, in and to, the remaining shares of DADG held by the Albanna Trust.

 

On November 4, 2011, the Company executed an Asset Acquisition Agreement with Rich Media Corp. (RMC”) of Seoul, Korea. RMC owns various online marketing and media websites, including social media accounts operating in the online group buying and marketing sector. Total consideration to RMC shall be an amount equal to $400,000 and restricted stock purchase rights to 1,500,000 shares of DADG for a price of $0.10 per share.

 

On February 18, 2013, the Company retired a loan payable of $31,848 by issuing 1,061,567 shares at $0.03 per share.

 

Description  

June 30,

2013

   

December 31,

2012

 
Note Payable plus interest of $39,146 at 10%, past due   $ 60,000     $ 60,000  
Note Payable plus interest of $48,128 at 10%, past due     141,632       141,632  
Note Payable plus interest of $706,034 at 10%, due November 3, 2013     300,000       300,000  
Note Payable plus interest of $47,640 at 8%, past due     497,440       472,440  
Bridge Loans, no interest, no due date     -       31,848  
    $ 999,072     $ 1,005,920  

 

The 5 year repayment terms of the loan are as follows:

 

Due Date   Amount  
Past due   $ 699,072  
December 31, 2013   $ 300,000  
December 31, 2014   $ -  
December 31, 2015   $ -  
December 31, 2016   $ -  
Indefinite   $ -  
Total   $ 999,072