Quarterly report pursuant to sections 13 or 15(d)

5. Notes Payable and Accrued Interest - Related Parties (Tables)

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5. Notes Payable and Accrued Interest - Related Parties (Tables)
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
Notes payable and accrued interest

As of March 31, 2013 and December 31, 2012, the Company had the following notes payable and accrued interest balances outstanding:

  

    3/31/2013     12/31/2012  
Officer Loans to Company   $ 194,163     $ 194,163  
Accrued Interest on Officer Loans to Company     52,754       49,087  
Subordinated Officer Loans to Company     159,753       159,753  
Accrued Interest on Subordinated Loans     47,944       44,888  
Total Notes Payable and Accrued Interest     454,614       447,891  
Less: Current Portion            
Long Term Portion   $ 454,614     $ 447,891  
Schedule of Maturities requirements on long-term

Maturities requirements on long-term debt subject to mandatory redemption are as follow:

 

  2013     $  
  2014        
  2015       353,919  
  2016        
  2017        
  Total     $ 353,919