Payable to Southbase, LLC
payable from Southbase, LLC consists of advances from existing shareholders.
These notes are unsecured, bear interest at 7%, and are due in May 21,
2017. The amount due to Southbase, LLC, a company related to Adam Radly, was $142,532
as of July 31, 2012.
notes with a balance of $1,389,107 relate to the Desert Communications,
Inc. (Desert) purchase in December of 2007. They have interest
rates of 18%, are secured by all of the common stock of Desert Communications, Inc. and were due in December of 2010. The notes
are now in default.
Seller notes with a balance
of $300,581, to the president of Trakkers, relate to the Trakkers
purchase in 2008. They have interest rates of 7-10%, are secured by all of the member
units of Trakkers and were due in 2011. The notes are now in default.