• Filing Date: 2013-04-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
The Following Is A Summary Of Amounts Due To Related Parties (Tables)
12 Months Ended
Dec. 31, 2012
The Following Is A Summary Of Amounts Due To Related Parties  
The Following Is A Summary Of Amounts Due To Related Parties

 

Related party

Nature of relationship

Terms of the agreement

Principal

amount

Accrued

Interest

Lutz, Investments LP

Mr. Lutz is the CEO of the

Company

Convertible note payable due

March 31, 2012.  The note is

convertible at $0.19 per share.  

As of March 31, 2013 the note

has not been converted and is

past due.

$200,000

$14,115

 

 

 

 

 

Dr. Philip J. Rubinfeld

Mr. Rubinfeld is a member

of the Board of Directors

See “Third Quarter Secured

Promissory Notes” As of March

31, 2013 $100,000 of this note

remains due.

100,000

7,609

 

 

 

 

 

Araldo A. Cossutta

Mr. Cossutta is a member

of the Board of Directors

See “Third Quarter Secured

Promissory Notes” As of March

31, 2013 $75,000 of this note

remains due.

75,000

5,706

 

 

 

 

 

MAH Holding, LLC

 

MAH Holding, LLC has provided

previous lines of credit to affiliates

of WMT.

Unsecured note with interest

accrued at 10% per annum,

due on demand.

40,620

6,624

Total

 

 

$415,620

$34,054

summary of amounts due to related parties, including accrued interest (Table)

The following is a summary of amounts due to related parties, including accrued interest separately recorded, as of December 31, 2011:

 



 

Related party

Nature of relationship

Terms of the agreement

Principal

amount

Accrued

Interest

Juventas, LLC

Juventas, LLC holds the exclusive

right to sell CellerateRX products

in North America (see Note 6

“Distribution Agreement”)

Contingently convertible promissory

note with interest accrued at 4% per

annum, due March 9, 2012.

$500,000

$2,137