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4. Note Payable

6 Months Ended

Jun. 30, 2014

4. NOTE PAYABLE

As of June 30, 2014 and December 31, 2013, notes payable consisted of the following:

	Principal

Balance, December 31, 2013		$ 57,967
Advances		11,446
Repayments		-
Balance, June 30, 2014		$ 69,413

All advances are non-interest bearing, unsecured, and due on demand. Imputed interest of $899 and $1,649 was recorded to donated capital at 8% for the six months ended June 30, 2014 and 2013, respectively.

- 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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