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NOTES PAYABLE - SHAREHOLDERS

9 Months Ended

Sep. 30, 2013

Oklahoma Technology Commercialization Center [Abstract]

5.	NOTE PAYABLE - SHAREHOLDERS

On September 30, 2013, the Company reclassified $13,500 deferred compensation to a note payable due to Kendall Carpenter as stipulated in her employment agreement. The note bears a 6% interest rate and is due by September 30, 2014. There was no unpaid accrued interest at September 30, 2013. For the first nine months of 2013, the Company accrued $23,950 interest on notes payable to shareholders.

- 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.

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