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Note 7. Loans - Related Party
9 Months Ended
Dec. 31, 2013
Notes  
Note 7. Loans - Related Party

7.         Loans - Related Party

 

The Company issued on June 27, 2013 a $5,500 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two years on June 27, 2015.

 

The Company issued on January 11, 2012 a $38,000 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two years on January 11, 2014.  On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

The Company issued on December 6, 2011 a $20,000 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two years on December 6, 2013.  On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

The Company issued on October 19, 2011 a $25,000 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two years on October 19, 2013.  On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

The Company issued on September 30, 2011 a $20,000 unsecured note payable to a shareholder.  The note bears interest at 10% compounded annually, matures in two years on September 30, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

The Company issued on September 2, 2011 a $20,000 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two years on September 2, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

The Company issued on August 5, 2011 a $24,000 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two years on August 5, 2013.  On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

The Company issued on July 7, 2011 a $40,000 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two years on July 7, 2013.  On July 17, 2013, the note was extended to mature in fifty-five (55) days on August 31, 2013.  On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

The Company issued on May 9, 2011 a $36,000 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two years on May 9, 2013.  On July 17, 2013, the note was extended to mature in one hundred and fourteen (114) days on August 31, 2013.  On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

The Company issued on April 29, 2011 a $15,000 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two years on April 29, 2013.  On May 12, 2013, the note was extended to mature in one year on April 29, 2014.

 

The Company received a $100,000 advance during the month of January 2011 from shareholder.  The advance was unsecured, non-interest bearing and due in six months. On June 24, 2011 the loan was modified to bear interest at 10%, %, compounded annually, and extended to mature in two years on June 24, 2013. On July 17, 2013, the note was extended to mature in sixty-eight (68) days on August 31, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

The Company issued on May 18, 2010 a $215,000 unsecured note payable to a shareholder.  The note bears interest at 10%, compounded annually, matures in two year on May 18, 2012. On July 1, 2012, the note was extended to mature in one year on May 18, 2013.  On July 17, 2013, the note was extended to mature in one hundred and five (105) days on August 31, 2013.  On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014, with no change in original terms of the agreement.

 

Interest expense for the three months ended December 31, 2013, and 2012 was $17,444 and $15,799, respectively, and for the nine months ended December 31, 2013, and 2012, was $51,242 and $46,038 respectively.