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The Following Is A Summary Of Amounts Due To Related Parties (Tables)
3 Months Ended
Mar. 31, 2013
The Following Is A Summary Of Amounts Due To Related Parties  
The Following Is A Summary Of Amounts Due To Related Parties

The following is a summary of amounts due to related parties, including accrued interest separately recorded, as of March 31, 2013:

 

Related party

Nature of relationship

Terms of the agreement

Principal

amount

Accrued

Interest

Lutz, Investments

LP

Mr. Lutz is the CEO of t

he Company

Convertible note payable due

March 31, 2012.  The note is

convertible at $0.19 per share.  

As of March 31, 2013 the note

has not been converted and is

past due.

$200,000

$16,614

 

 

 

 

 

Dr. Philip J.

Rubinfeld

Mr. Rubinfeld is a member

of the Board of Directors

See “Third Quarter Secured

Promissory Notes” As of March

31, 2013 $100,000 of this note

remains due.

100,000

10,934

 

 

 

 

 

Araldo A.

Cossutta

Mr. Cossutta is a member

of the Board of Directors

See “Third Quarter Secured

Promissory Notes” As of March

31, 2013 $75,000 of this note

 remains due.

75,000

8,200

 

 

 

 

 

MAH Holding,

LLC

 

MAH Holding, LLC has provided

previous lines of credit to affiliates

of WMT.

Unsecured note with interest

accrued at 10% per annum,

due on demand.

40,620

7,640

Total

 

 

$415,620

$43,388