Quarterly report pursuant to Section 13 or 15(d)

Short Term Notes Payable

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Short Term Notes Payable
6 Months Ended
Jun. 30, 2011
Short Term Notes Payable  
Short Term Notes Payable
6. Short Term Notes Payable

On July 9, 2010, the Company entered into a non-interest bearing short-term note payable for $22,188 to finance a portion of our new enterprise resource planning system. Quarterly payments on this note began July 9, 2010 and the final payment was made on April 1, 2011.

On July 20, 2010, the Company entered into a short-term note payable for $63,835 with an interest rate of 5.75% to finance directors and officers' liability insurance. Payments on this note began on August 24, 2010 and were made evenly based upon a straight line amortization over ten-month period and the final payment was made on May 25, 2011.

On July 31, 2010, the Company entered into a short-term note payable for $85,185 bearing interest at 7.5% to finance a portion of the new enterprise resource planning system. Principal and interest payments on this note began August 31, 2010 and are made evenly based on a straight line amortization over a 17-month period with the final payment due on December 31, 2011. At June 30, 2011 and December 31, 2010, the balance due was $31,101 and $61,060, respectively.

On March 10, 2011, the Company entered into a short-tem note payable for $48,988 bearing interest at 5.48% to finance a portion of the product liability insurance. Principal and interest payments on this note began April 10, 2011 and are made evenly based on a straight line amortization over a 10-month period with the final payment due on January 10, 2012. At June 30, 2011, the balance due was $34,525.