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TERM NOTES PAYABLE

9 Months Ended

Sep. 30, 2013

TERM NOTES PAYABLE

TERM NOTES PAYABLE

NOTE 2 – TERM NOTES PAYABLE

Term notes payable consisted of the following at September 30, 2013 and December 31, 2012:

		September 30, 2013				December 31, 2012

Unsecured Note Payable – former Chief Executive Officer – payable August 17, 2010 – at 15% interest.		$	290,000			$	290,000

Unsecured Note Payable – Castaic - annual installments of $17,171, including interest at 8%, from January 2009 through January 2012			30,620				30,620

Unsecured Note Payable – Castaic - monthly installments of $1,175, including interest at 8%, from February 2008 through January 2012			20,246				20,246

Unsecured Note Payable – Innovative Outdoors – monthly installments of $4,632, including interest at 7% from August 2008 through July 2012			100,555				100,555

Totals Term Notes Payable		$	441,421			$	441,421

The Company is in default on all of the notes payable.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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