| Long-Term Debt |
| |
|
June 30,
2014
|
|
|
June 30,
2013
|
|
| (1) Convertible note bearing interest at 17.98% per annum, as amended due on June 30, 2008 |
|
$ |
- |
|
|
$ |
150,000 |
|
| (2) Related party note payable bearing interest at 8.5% per annum due June 30, 2017 |
|
|
125,500 |
|
|
|
306,858 |
|
| (3) Convertible note bearing interest at 10% per annum originally due July 26, 2010 |
|
|
- |
|
|
|
66,384 |
|
| (4) Secured convertible note bearing interest at 10%-12% per annum maturity extended to August 31, 2015 |
|
|
2,322,712 |
|
|
|
1,513,964 |
|
| (5) Secured convertible note bearing interest at 8%-18% per annum maturity extended to August 31, 2015 |
|
|
1,988,899 |
|
|
|
1,836,473 |
|
| (6) Note bearing interest at 8% per annum, originally due in November 2008 |
|
|
391,805 |
|
|
|
370,200 |
|
| (7) Note bearing interest at 8% per annum, no maturity date |
|
|
391,259 |
|
|
|
371,387 |
|
| (8) Three non-interest bearing notes executed from September 22, 2009 through January 11, 2011 |
|
|
10,000 |
|
|
|
35,000 |
|
| (9) Note bearing interest at 18%, maturity extended to August 2015 |
|
|
166,895 |
|
|
|
170,095 |
|
| Total long-term debt |
|
$ |
5,397,070 |
|
|
$ |
4,820,361 |
|
| Less current maturities |
|
|
(793,064) |
|
|
|
(4,820,361) |
|
| Total long-term maturities |
|
$ |
4,604,006 |
|
|
$ |
- |
|
|