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Notes Payable - Related Parties
3 Months Ended
Mar. 31, 2015
Notes Payable - Related Parties  
Notes Payable - Related Parties

NOTE 8 – NOTES PAYABLE – RELATED PARTIES

 

.During the year ended December 31, 2012 the Company borrowed $18,000 from related parties, and in 2013 repaid the entire $18,000 open balances. On August 21, 2013 the Company borrowed an additional $5,000 from the related party, with principal due in full on August 21, 2014, along with an additional $500 in accrued interest. As of March 31, 2015 and December 31, 2014 the note is in default.

 

On November 20, 2014 the Company entered into a promissory note agreement with a related party. Pursuant to the terms of the note, the Company borrowed $15,000, which accrues interest at a rate of five percent per annum. The note is unsecured and is due in full, along with all accrued interest, on November 20, 2015.