| Convertible notes payable to significant stockholders |
| |
|
|
|
|
|
|
|
|
|
|
|
Convertible Notes Payable to Significant Stockholders
|
|
|
|
June 30, 2012 |
|
|
December 31, 2011 |
|
| |
|
|
|
|
Unsecured convertible promissory note; interest rate of 5%; due December 31, 2010
|
|
|
|
$ |
4,655,173 |
|
|
$ |
4,655,173 |
|
|
Unsecured convertible promissory note; interest rate of 5%; due December 31, 2010
|
|
BCF |
|
|
10,000,000 |
|
|
|
10,000,000 |
|
|
Unsecured convertible promissory note; interest rate of 5%; due December 31, 2010
|
|
BCF |
|
|
2,172,415 |
|
|
|
2,172,415 |
|
|
Unsecured convertible promissory note; interest rate of 5%; due December 31, 2010
|
|
|
|
|
5,000,000 |
|
|
|
5,000,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Aggregate carrying value
|
|
|
|
$ |
21,827,588 |
|
|
$ |
21,827,588 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Demand notes payable to significant stockholder |
| |
|
|
|
|
|
|
|
|
|
Demand Notes Payable to Significant Stockholder
|
|
June 30, 2012 |
|
|
December 31, 2011 |
|
| |
|
|
|
Unsecured demand note payable; interest rate of 7%: issued December 2009
|
|
$ |
350,000 |
|
|
$ |
350,000 |
|
|
Unsecured demand notes payable; interest rate of 7%: issued January 2010 — December 2010
|
|
|
3,310,000 |
|
|
|
3,310,000 |
|
|
Unsecured demand notes payable; interest rate of 7%: issued January 2011 — December 2011
|
|
|
2,240,000 |
|
|
|
2,240,000 |
|
|
Unsecured demand notes payable; interest rate of 7%: issued January 2012 — June 2012
|
|
|
285,000 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
6,185,000 |
|
|
|
5,900,000 |
|
|
Accrued interest
|
|
|
694,946 |
|
|
|
486,691 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
Aggregate carrying value
|
|
$ |
6,879,946 |
|
|
$ |
6,386,691 |
|
| |
|
|
|
|
|
|
|
|
|