2.4.0.8103 - Disclosure - NOTES PAYABLEtruefalsefalse1false
falsefalsefrom-2013-01-01-to-2013-06-30.2486.0.0.0.0.0.0.0http://www.sec.gov/CIK0001085254duration2013-01-01T00:00:002013-06-30T00:00:001true
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2us-gaap_DebtDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel| 1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 624px"><!--StartFragment--> <p style="MARGIN: 0px"><strong>NOTE 3 - NOTES PAYABLE</strong></p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">A summary of the activity in notes payable for the six months ended June 30, 2013 is shown below:</p> <table style="FONT-SIZE: 10pt; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="33"> </td> <td width="81"> </td> <td width="60"> </td> <td width="274"> </td> <td width="15"> </td> <td width="104"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="449" colspan="4"> <p style="MARGIN: 0px">Notes payable - related parties</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="81"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="335" colspan="2"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Balance at January 1, 2013</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> $ 1,386,867</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Less: payments on notes payable</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> (266,667)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Add: amortization of note discount</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> 8,754</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="81"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="335" colspan="2"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> 1,128,954</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Less - current maturities, net - related parties</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> (478,954)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Long-term notes payable, net June 30, 2013</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> $ 650,000</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="141" colspan="2"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="274"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="449" colspan="4"> <p style="MARGIN: 0px"> Notes payable - third parties</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="141" colspan="2"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="274"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Balance at January 1, 2013</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> $ 896,074</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Less: payments on notes payable</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> (600,000)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Add: amortization of note discount</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> 63,828</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="141" colspan="2"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="274"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> 359,902</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Less - current maturities, net - third parties</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> (359,902)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="bottom" width="33"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="416" colspan="3"> <p style="MARGIN: 0px"> Long-term notes payable, net June 30, 2013</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="15"> <p style="PADDING-BOTTOM: 0px; PADDING-TOP: 0px; PADDING-LEFT: 0px; MARGIN: 0px; PADDING-RIGHT: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="104"> <p style="MARGIN: 0px; text-align: right"> $ - </p> </td> </tr> </table> <!--EndFragment--></div> </div>falsefalsefalse | nonnum:textBlockItemTypenaThe 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.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
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falseNOTES PAYABLEUnKnownUnKnownUnKnownUnKnowntruefalsefalseNoteshttp://www.hiitinc.com/role/NotesPayable12