| Notes Payable |
Notes payable consisted of the following at April 30, 2013, December 31, 2012 and 2011:
| | | | | | | | | | | | | |
| | | April 30, | | | December 31, | |
| | | 2013 | | | 2012 | | | 2011 | |
| Note payable - related party originating August 14, 2012; no monthly payments required; bearing interest at 5% [A] | | $ | 300,000 | | | $ | 300,000 | | | $ | - | |
| | | | | | | | | | | | | |
| Note payable - related party originating March 13, 2012; no monthly payments required; bearing interest at 0.19% [A] | | | 300,000 | | | | 300,000 | | | | - | |
| | | | | | | | | | | | | |
| Note payable - originating February 25, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 25, 2014 | | | 100,000 | | | | 100,000 | | | | - | |
| | | | | | | | | | | | | |
| Note payable - originating February 27, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 27, 2014 | | | 50,000 | | | | 50,000 | | | | - | |
| | | | | | | | | | | | | |
| Note payable - originating February 29, 2012; no monthly payments required; bearing interest at 0.19%; maturing at February 29, 2014 | | | 50,000 | | | | 50,000 | | | | - | |
| | | | | | | | | | | | | |
| Note payable for vehicle, 72 monthly payments of $618; interest at 8.4% through March 2014 | | | - | | | | - | | | | 15,151 | |
| Total | | | 800,000 | | | | 800,000 | | | | 15,151 | |
| Less: Current maturities (notes payable) | | | - | | | | - | | | | (6,383 | ) |
| Less: Current maturities (convertible notes payable) | | | (200,000 | ) | | | - | | | | - | |
| Subtotal | | | 600,000 | | | | 800,000 | | | | 8,768 | |
| Less: amount due after one year for notes payable | | | - | | | | - | | | | (8,768 | ) |
| Amount due after one year for convertible notes payable | | $ | 600,000 | | | $ | 800,000 | | | $ | - | |
------- [A] - effective September 4, 2012, note amended to provide a maturity date of August 31, 2013. Effective December 17, 2012, note further amended to provide a maturity date of August 31, 2014.
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