General form of registration statement for all companies including face-amount certificate companies

Notes and advances payable

v2.3.0.11
Notes and advances payable
3 Months Ended
Mar. 31, 2012
Notes and advances payable [Abstract]  
Notes and advances payable

7. Notes and advances payable

Notes payable consist of the following as of December 31, 2011 and March 31, 2012:

 

                 
    2011     2012  

Officers, directors and affiliates:

               

Notes and advances payable, interest at 8.0%, due on demand

  $ 24,319     $ 25,069  

Notes and advances payable, interest at 9.7%, due on demand

    85,000       85,000  

Note payable, interest at 12.0%, due March 2013

    —         125,000  
   

 

 

   

 

 

 

Total officers, directors and affiliates

    109,319       235,069  
   

 

 

   

 

 

 

Unrelated parties:

               

Note payable, interest at 12.0%, due March 2013

    —         250,000  

Notes payable, interest at 12.0%, due March 2013

    250,000       —    
   

 

 

   

 

 

 

Total unrelated parties

    250,000       250,000  
   

 

 

   

 

 

 

Total notes and advance payable

  $ 359,319     $ 485,069  
   

 

 

   

 

 

 

All of the notes payable shown above are unsecured. Accrued interest on notes and advances payable amounted to $88,303 as of December 31, 2011 and $99,109 as of March 31, 2012.