Note 10 - Notes Payable

12 Months Ended

Mar. 31, 2012

Note 10 – Notes Payable

Notes payable consists of the following at March 31, 2012 and 2011, respectively:

	March 31,			March 31,
	2012			2011

Unsecured promissory note, carried an 8% interest rate, due on demand	$	-		$	10,000

Unsecured promissory note, carries a 7% interest rate, payable on the first day of January and the first day of June each year until repaid, matures on December 29, 2012		6,000			-

Unsecured promissory note, carries a 7% interest rate, payable on the first day of January and the first day of June each year until repaid, matures on February 12, 2013		45,000			-

Unsecured promissory note, carries a 7% interest rate, payable on the first day of January and the first day of June each year until repaid, matures on March 22, 2013		25,000			-

Unsecured promissory note, carries a 7% interest rate, payable on the first day of January and the first day of June each year until repaid, matures on March 31, 2013		20,000			-

Total notes payable		96,000			10,000
Less current portion of long term debts		(96,000	)		(10,000	)
Total long term portion of notes payable	$	-		$	-

The Company recorded interest expense in the amount of $4,627 and $287 related to the notes payable for the years ended March 31, 2012, and 2011, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

FrogAds, Inc. 10-K