Quarterly report pursuant to sections 13 or 15(d)

NOTES PAYABLE - RELATED PARTIES (Tables)

v2.4.0.8
NOTES PAYABLE - RELATED PARTIES (Tables)
3 Months Ended
Mar. 31, 2014
NOTES PAYABLE - RELATED PARTIES [Abstract]  
Schedule of Notes Payable to Related Parties, Current

The Company's notes payable to related parties classified as current liabilities consist of the following as of March 31, 2014 and December 31, 2013:


                     

 

 

March 31, 2014

 

December 31, 2013

Notes Payable

 

Principal

 

Interest*

 

Principal

 

Interest*

Related party

 

$

296,260

 

2.5%

 

$

274,078

 

2.5%

Related party

 

 

20,000

 

1.5%

 

 

20,000

 

1.5%

President & COO

 

 

-

 

-

 

 

-

 

-

CEO - Related party

 

 

32,401

 

-

 

 

36,009

 

-

Total

 

$

348,661

 

 

 

$

330,087

 

 

-------

*

interest rate per month