Loans and Notes Payable | 3 Months Ended |
Jun. 30, 2014 |
Notes | ' |
Loans and Notes Payable | ' |
6. Loans - Related Party |
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As of June 30, 2014 and March 31, 2014, the balance of loans due to a related party was $558,500 and $558,500, respectively. |
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The Company issued on June 27, 2013 a $5,500 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on June 27, 2015. |
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The Company issued on January 11, 2012 a $38,000 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on January 11, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on December 6, 2011 a $20,000 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on December 6, 2013. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on October 19, 2011 a $25,000 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on October 19, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on September 30, 2011 a $20,000 unsecured note payable to a shareholder. The note bears interest at unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on September 30, 2013. On October 17, 2013 the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement |
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The Company issued on September 2, 2011 a $20,000 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on September 2, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on August 5, 2011 a $24,000 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on August 5, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on July 7, 2011 a $40,000 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on July 7, 2013. On July 17, 2013, the note was extended to mature in fifty-five (55) days on August 31, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on May 9, 2011 a $36,000 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on May 9, 2013. On July 17, 2013 the note was extended to mature in one hundred and fourteen (114) days on August 31, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on April 29, 2011 a $15,000 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two years on April 29, 2013. On April 29, 2013, the Company secured a one year note payable extension through April 29, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company acquired a $100,000 advance during the month of January 2011 from a related party. The advance was non-interest bearing and due in six months. On June 24, 2011 the loan was modified to bear interest at 10%, compounded annually, and extended to mature in two years on June 24, 2013. On July 17, 2013, the note was extended to mature on August 31, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on May 18, 2010 a $215,000 unsecured note payable to a shareholder. The note bears interest at 10%, compounded annually, matures in two year on May 18, 2012. On July 17, 2013, the note was extended to mature on August 31, 2013. On October 17, 2013, the Company secured a note payable extension through January 31, 2014. On February 5, 2014 the Company secured a note payable extension through May 31, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014with no change in original terms of the agreement. |
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Interest expense for the three months ended June 30, 2014, and 2013, was $17,658 and $16,543, respectively. |
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7. Notes Payable |
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As of June 30, 2014 and March 31, 2014, the balance of loans due to third parties was $844,854 and $759,854 respectively |
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The Company issued on February 21, 2012 a $$99,964 unsecured note payable to a third party. The note bears interest at 10%, compounded annually, matures in two years on February 21, 2014. On May 8, 2014 the Company secured a note payable extension through June 21, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on June 13, 2012 a $99,970 unsecured note payable to a third party. The note bears interest at 10%, compounded annually, matures in two years on June 13, 2014. On June 26, 2014, the Company secured a note payable extension through November 30, 2014 with no change in original terms of the agreement. |
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The Company issued on April 23, 2014 a $40,000 unsecured note payable to a third party. The note bears interest at 10% compounded annually and matures on November 30, 2014. |
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The Company issued on June 16, 2014 a $45,000 unsecured note payable to a third party. The note bears interest at 10% compounded annually and matures on February 5, 2015. |
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Interest expense for the three months ended June 30, 2014, and 2013, was $16,519 and $11,671, respectively. |