Short-term notes payable (Notes Payable)

6 Months Ended

Jun. 30, 2011

Notes Payable

Short-term notes payable

(6) Short-term notes payable

Short-term notes payable consists of the following as of:
	June 30, 2011		December 31,
	(Unaudited)		2010
Loans payable to various parties, including minority shareholders, unsecured, interest at 12% per annum, due on demand	$	452,560	$	482,085
Convertible note payable to a minority shareholder, unsecured, interest at 12% per annum, due on December 31, 2011. Note is convertible into Company's Common Stock at $0.048 per share.		102,853		161,023
Bank term loan, unsecured, interest at 7.5% per annum, payable in monthly installments of principal and interest		23,737		32,288
Standard Chartered Bank note payable of $13,365,000 loan secured by all rights in the sales agency agreement and the distribution agreement in connection with the film "Dead of Night". Interest rate of Libor plus 2% per annum. $4,850,000 is guaranteed by Omnilab Pty Ltd. of which $1,000,000 has been paid with the balance due on October 1, 2011. The remaining note balance of $5,047,561 was due April 1, 2011 and the Company is currently in default		8,897,561		9,799,878
Note payable to Omnilab Pty Ltd - 10% funded of gap investment of $4,850,000 for production "Dead of Night," to be recovered from gross receipts in North America. Interest rate of 4.09% per annum.		-		485,000
Convertible notes payable, unsecured, interest at 8% per annum, due from October 12, 2011 to November 28, 2011. Note is convertible into the Company's stock at 61% of the average of the lowest three trading days during the ten day trading period prior to conversion.		153,000		-
Convertible note payable, unsecured, interest at 9.875% (semi-annually), due from September 17, 2011 to October 8, 2011. Note is convertible into the Company's stock at lessor of 75% of the average of the last five trading days prior to conversion or closing price on the day prior to conversion, not to exceed $0.05.		100,000		-
Total	$	9,729,711	$	10,960,274