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EXCEL - IDEA: XBRL DOCUMENT - NEW BASTION DEVELOPMENT, INC.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - NEW BASTION DEVELOPMENT, INC.R8.htm
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EX-32 - EXHIBIT 32 - NEW BASTION DEVELOPMENT, INC.nbdi063011q_ex32z1.htm
EX-31 - EXHIBIT 31.2 - NEW BASTION DEVELOPMENT, INC.nbdi063011q_ex31z2.htm
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10-Q - QUARTERLY REPORT ON FORM 10-Q - NEW BASTION DEVELOPMENT, INC.nbdi063011_10q.htm
EX-31 - EXHIBIT 31.1 - NEW BASTION DEVELOPMENT, INC.nbdi063011q_ex31z1.htm
v2.4.0.6
Notes Payable
6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Notes Payable

NOTE 4 – NOTES PAYABLE

 

In April 2009, the Company borrowed $72,500 from a third party with the loan secured by certain property lots located in Compass Lake, Florida.  This note was due on demand after November 1, 2009 with interest accruing at 25% per annum based on the default interest rate.  In October 2010, Somerset Financial Group Pension Trust sued New Bastion Development, Inc. Elliot Bellen, Laurie Bergmann and William Troy for the alleged breach of a promissory note in the amount of $72,500 plus interest, court costs and attorney’s fees.  Somerset’s Motion for Summary Judgment against the Defendants was denied.  On March 20, 2012, Somerset received a Final Judgment of Foreclosure in the amount of $150,853 and the 24 Compass lots that are secured by lien, are scheduled to be sold at a public auction on April 19, 2012 to the highest bidder. The Company and Somerset are currently in discussions to resolve the matter and to avoid the auctioning of the properties.

 

During the six months ended June 30, 2011 and 2010, interest of $0 and $4,917 was paid on the Somerset loan.

 

At June 30, 2011 and December 31, 2010, interest amounts due under the note amounted to $13,513 and $4,425, respectively. The weighted average interest rate on the Company’s short-term obligations was approximately 17%.

 

NOTE 5 – CONVERTIBLE NOTES PAYABLE

 

At June 30, 2011 and December 31, 2010, convertible notes payable consisted of the following:

 

   

June 30,

2011

  December 31, 2010
Convertible note payable, original principal of $62,500, entered into on May 26, 2009 with interest of 10% per annum, due on May 25, 2010.  The note is payable in cash or can be converted into shares of the Company's common stock at $0.0125 per share.  However, the payee may not convert this note into shares so that the holder owns in the aggregate more than 9.9% of the then issued and outstanding shares of common stock of the Company.  As of June 30, 2011 and December 31, 2010, this note was in default. This note was extinguished in September 2011 (See Note 8).                54,000  $              54,000
       
Convertible note payable, modified on January 17, 2010, with interest of 10% per annum, due on July 16, 2010. The modification is treated like a debt extinguishment and a new beneficial conversion value of $26,250 was recorded to be amortized over the term. The note was payable in cash or can be converted into shares of the Company's common stock at $0.0125 per share.  However, the payee may not convert this note into shares so that the holder owns in the aggregate more than 9.9% of the then issued and outstanding shares of common stock of the Company. As of June 30, 2011 and December 31, 2010, this note was in default. This note was extinguished in September 2011 (See Note 8).                  25,000                25,000
         
Total convertible note payable $                79,000 $              79,000