XML 42 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
NOTES PAYABLE, RELATED PARTY
3 Months Ended
Mar. 31, 2013
Notes to Financial Statements  
NOTES PAYABLE, RELATED PARTY

NOTE 10– NOTES PAYABLE, RELATED PARTY

 

On March 14, 2013, an employee of the Company loaned us $25,000 via a note payable. Per the terms of the note, the principal accrues interest at the rate of 6% per year with a term of 90 days. The note does not require any principal and/or interest payments during the 90-day term, but the Company can make, at its sole discretion, principal and/or interest payments in any amount it chooses during the 90 day term. At the conclusion of the note’s 90-day term the Company is required to pay, in full, any and all unpaid principal and/or interest.

 

As of March 31, 2013, the outstanding principal balance was $25,000 and accrued and unpaid interest totaled $70, for a total amount due and payable of $25,070.