4. LOANS PAYABLE

9 Months Ended

Sep. 30, 2014

Notes to Financial Statements

NOTE 4 - LOANS PAYABLE

The Company had the following loans payable:

Principal balances as at September 30, 2014:

i)	$5,000: unsecured; interest at 15% per annum; due on April 20, 2012.
ii)	$75,000: unsecured; interest at 10% per annum; due on August 2, 2011.

iii)	$32,858: unsecured; non-interest bearing; with no specific terms of repayment; owed to a director.
iv)	$25,561: unsecured; non-interest bearing; with no specific terms of repayment.

v)	$1,829: unsecured; non-interest bearing; with no specific terms of repayment.
vi)	$35,000: unsecured; non-interest bearing; with no specific terms of repayment; owed to a company controlled by a director.

    Principal balances as at December 31, 2013:

i)	$5,000: unsecured; interest at 15% per annum; due on April 20, 2012.
ii)	$75,000: unsecured; interest at 10% per annum; due on August 2, 2011.

iii)	$1,642: unsecured; non-interest bearing; with no specific terms of repayment.
iv)	$8,979: unsecured; non-interest bearing; with no specific terms of repayment.

As of September 30, 2014, interest totaling $27,282 (December 31, 2013 - $21,110) was accrued on the loan amounts.

The loan balances remain outstanding to date and the Company intends to renegotiate the repayment terms with the lenders.