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Loan Payable - Other
6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
Note 8 - Loan Payable - Other

8.        Loan Payable – Other

 

Prior to deconsolidation as discussed in Note 3, for MAB-C, on May 2, 2014 MAB-Z entered into an open ended loan agreement with Gary Booth.  The Company received an advance of $10,000 for working capital and short-term cash requirement which carries an interest rate of 12%.  As of December 31, 2014 the balance due was $10,810 and is included in MAB-C’s records.

 

On July 31, 2014 MAB-Z entered into and open ended loan agreement with Antony Kinsey and Kevin Hegarty.  The Company received an advance of $20,000 for working capital and short-term cash requirement which carries an interest rate of 12%.  As of December 31, 2014 the balance due was $21,027 and was included in MAB-C’s records.

 

In July 2014 advance payments were made by Graham Roberts on behalf of MAB-Z in the amount of $6,000.  This loan is currently undocumented. Interest was being accrued at an annual rate of 12%.  The balance due without accrued interest was $6,000 and was included in MAB-C’s records.

 

In October 2014, MAB-Z, was advanced $2,500 from a group known as the Advisory Board.  This loan was due on demand and was accruing interest at an annual rate of 12%. The balance at December 31, 2014 was $2,549 and was included in MAB-C’s records.

 

On December 10, 2014, MAB-Z, received an advance of $40,000 from Wimfair Investments (PVT) Ltd. t/a Derbyshire Stone. This loan was due on demand and was accruing interest at an annual rate of 12%. The balance at December 31, 2014 was $40,015 and wass included in MAB-Z’s records.