LOAN PAYABLE
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3 Months Ended |
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Mar. 31, 2013
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LOAN PAYABLE | |
LOAN PAYABLE |
NOTE 5 LOAN PAYABLE
Related Party
During 2012, Christopher Maggiore, a significant shareholder, advanced the Company $15,000. As of December 31, 2012 this amount was still unpaid. During the three months ended March 31, 2013, Mr. Maggiore advanced the Company an additional $462,000. As discussed in Note 6, this amount was reclassified as a loan payable to HEP Investments, LLC. As of March 31, 2013, there was no balance due to Mr. Maggiore.
The balance of $362 as of March 31, 2013, represented working capital advances by the officers of the Company.
Others
During 2012, the Venture Group loaned the Company $57,000. This money was related to the overall financing of $500,000 as further discussed in Note 6. As of March 31, 2013, there was still a balance due to the Venture Group of $57,000.
During 2012, HEP Investments loaned the Company $186,592, as part of its overall funding commitment of $2,000,000 as discussed in Note 6. During the three months ended March 31, 2013, HEP Investments, LLC loaned the Company an additional $550,000, as discussed in Note 6. Pursuant to the terms of our agreement with HEP, $500,000 of these loans were converted to Convertible Secured Promissory Notes, leaving a remaining balance of $236,592 in loans payable others as of March 31, 2013. |