UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 10-Q/A
Amendment No. 1
__________________
X . QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 2012
. TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from ______ to _______
Commission File Number 333-170201
FUTURE ENERGY, CORP.
(Name of small business issuer in its charter)
Nevada |
| 41-2281199 |
(State of incorporation) |
| (I.R.S. Employer Identification No.) |
840 23rd Street,
St. Georges, Quebec G5Y 4N6 Canada
(Address of principal executive offices)
(418) 263-2272
(Registrant’s telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
X . Yes . No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). X . Yes . No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
.
Accelerated Filer
.
Non-Accelerated Filer
.
Smaller Reporting Company
X .
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). . Yes X . No
As of April 27, 2012, there were 6,428,571 shares of the registrant’s $0.001 par value common stock issued and outstanding.
EXPLANATORY NOTE
The purpose of this Amendment No.1 to the Quarterly Report of Future Energy Corp. (the “Company”) on Form 10-Q/A for the quarterly period ended January 31, 2012, filed with the Securities and Exchange Commission on May 1, 2012 (the “Form 10-Q”), is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T and to furnish Exhibit 10.08 to the Form 10-Q. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).
Other than the aforementioned, no other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.
Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
ITEM 6.
EXHIBITS
Exhibit Number | Description of Exhibit | Filing |
3.01 | Articles of Incorporation | Filed with the SEC on October 28, 2010 as part of our Registration Statement on Form S-1. |
3.02 | Certificate of Amendment dated October 5, 2010 | Filed with the SEC on October 28, 2010 as part of our Registration Statement on Form S-1. |
3.03 | Bylaws | Filed with the SEC on October 28, 2010 as part of our Registration Statement on Form S-1. |
10.01 | Assignment Agreement dated July 25, 2010 between the Company and Tim Cooksey Oil | Filed with the SEC on October 28, 2010 as part of our Registration Statement on Form S-1. |
10.02 | Operating Agreement dated July 14, 2010 between the Company and Tim Cooksey Oil | Filed with the SEC on October 28, 2010 as part of our Registration Statement on Form S-1. |
10.03 | Assignment Agreement dated December 17, 2010 between the Company and JKV Oil Development | Filed with the SEC on April 6, 2011 as part of our Registration Statement on Form S-1/A. |
10.04 | Promissory Note between the Company and Georges Paquet dated December 8, 2010 | Filed with the SEC on April 6, 2011, as part of our Registration Statement on Form S-1/A. |
10.05 | Promissory Note between the Company and Georges Paquet dated May 16, 2011 | Filed with the SEC on August 22, 2011 as part of our Registration Statement on Form S-1/A. |
10.06 | Promissory Note between the Company and Georges Paquet dated July 13, 2011 | Filed with the SEC on August 22, 2011 as part of our Registration Statement on Form S-1/A. |
10.07 | Promissory Note between the Company and Georges Paquet dated December 14, 2011. | Filed with the SEC on February 6, 2012 as part of our Registration Statement on Form S-1/A. |
10.08 | Promissory Note between the Company and Georges Paquet dated April 23, 2012. | Filed herewith. |
31.01 | Certification of Principal Executive Officer Pursuant to Rule 13a-14 | Filed herewith. |
31.02 | Certification of Principal Financial Officer Pursuant to Rule 13a-14 | Filed herewith. |
32.01 | CEO and CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act | Filed herewith. |
101.INS* | XBRL Instance Document | Filed herewith. |
101.SCH* | XBRL Taxonomy Extension Schema Document | Filed herewith. |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith. |
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | Filed herewith. |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith. |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith. |
*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| FUTURE ENERGY, CORP. | |
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Dated: May 23, 2012 |
| /s/ Georges Paquet | |
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| By: Georges Paquet | |
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| Its: President, CEO, CFO, Principal Accounting Officer, Secretary and Treasurer and Director | |
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Dated: May 23, 2012 |
| /s/ Melany Paquet | |
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| By: Melany Paquet | |
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| Its: Vice President and Director | |
In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated.
Dated: May 23, 2012 | /s/ Mike Anderson |
| By: Mike Anderson Its: Director |
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Dated: May 23, 2012 | /s/Jefferson K. Villines |
| By: Jefferson K. Villines |
| Its: Director |
Dated: May 23, 2012 | /s/ Georges Paquet |
| By: Georges Paquet Its: President, CEO, CFO, Principal Accounting Officer, Secretary and Treasurer and Director |
|
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/s/Melany Paquet | |
| By: Melany Paquet |
| Its: Vice President and Director |
Exhibit 10.8
PROMISSORY NOTE
$5,000 U.S. | Due Date: April 23, 2013 |
FOR VALUE RECEIVED, FUTURE ENERGY CORP. (the “Borrower”), unconditionally promises to pay to the order of GEORGES PAQUET, (the “Lender”) the sum of $5,000 in United States of America funds, together with interest at the rate of Royal Bank of Canada Prime Interest Rate plus 2% per annum on the principal amount remaining unpaid, after as well as before demand or maturity or default, calculated on an annual basis (on the basis of a year of 365 days for the actual number of days elapsed) and payable on demand; PROVIDED that if the Borrower fails to pay on demand any payment of principal or interest on this note, then in such event the entire unpaid principal and all accrued and unpaid interest thereon shall become and be forthwith due and payable without presentment, notice, protest or demand of any kind (all of which are hereby expressly waived by the Borrower).
The Borrower hereby agrees that the proper law of this instrument is the law of the Province of British Columbia and that this instrument shall be governed by and construed in accordance with the laws thereof and the undersigned agrees that any legal suit, action or proceeding brought upon or arising out of or relating to this instrument may be instituted in the courts of such Province and the undersigned hereby accepts and irrevocably submits and attorns to the exclusive jurisdiction of the said courts and acknowledges their competence and agrees to be bound by any judgment thereof, provided that nothing herein shall limit the right of the Lender to bring proceedings against the Borrower elsewhere.
This Promissory Note is dated the 23rd day of April 2012.
FUTURE ENERGY CORP.
Per: /s/ Georges Paquet
Georges Paquet, Chairman
Exhibit 31.01
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14
I, Georges Paquet, certify that:
1.
I have reviewed this Amended Quarterly Report on Form 10-Q/A of Future Energy, Corp.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 23, 2012
/s/ Georges Paquet
By: Georges Paquet
Its: Chief Executive Officer
Exhibit 31.02
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14
I, Georges Paquet, certify that:
1.
I have reviewed this Amended Quarterly Report on Form 10-Q/A of Future Energy, Corp.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 23, 2012
/s/ Georges Paquet
By: Georges Paquet
Its: Chief Financial Officer
Exhibit 32.01
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Amended Quarterly Report of Future Energy, Corp. (the “Company”) on Form 10-Q/A for the period ending January 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Georges Paquet, Chief Executive Officer and Chief Financial Officer, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
/s/ Georges Paquet
By: Georges Paquet
Chief Executive Officer and Chief Financial Officer
Dated: May23, 2012
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
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Oil Well Properties
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6 Months Ended |
|---|---|
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Jan. 31, 2012
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| Oil Well Properties | |
| Oil Well Properties | 3. Oil Well Properties
On July 25, 2010, the Company entered into an agreement with an unrelated third party (Tim Cooksey Oil, LLC) to purchase a 1.57% working interest in unproved property located in Franklin County, Illinois for $25,000.
On December 17, 2010, the Company purchased a 3% working interest in unproved property located in Franklin County, Illinois for $25,000. |
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Going Concern
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6 Months Ended |
|---|---|
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Jan. 31, 2012
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| Going Concern | |
| Going Concern | 2. Going Concern
These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize it assets and discharge its liabilities in the normal course of business. During the period ended January 31, 2012, the Company has an accumulated deficit of $55,697. The Company is in the business of exploiting and developing natural resources. The Company participates in and invests in development projects with other companies across a wide range of natural resources. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
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Balance Sheets (USD $)
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Jan. 31, 2012
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Jul. 31, 2011
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| Current Assets | ||
| Cash | $ 13,834 | $ 11,005 |
| Total Current Assets | 13,834 | 11,005 |
| Oil and gas properties Unproved Property | 50,000 | 50,000 |
| Total Assets | 63,834 | 61,005 |
| Current Liabilities | ||
| Accounts Payable | 13,169 | 14,069 |
| Accrued Liabilities | 10,846 | 7,110 |
| Due to related parties | 516 | 516 |
| Loan payable to related party | 50,000 | 40,000 |
| Total Current Liabilities | 74,531 | 61,695 |
| Total Liabilities | 74,531 | 61,695 |
| Stockholders Deficit | ||
| Preferred stock Authorized: 100,000,000 shares, par value $0.001 0 shares issued and outstanding | 0 | 0 |
| Common stock Authorized: 200,000,000 shares, par value $0.001 6,428,571 share issued and outstanding | 6,429 | 6,429 |
| Additional Paid-in Capital | 38,571 | 38,571 |
| Deficit accumulated during the exploration stage | (55,697) | (45,690) |
| Total Stockholders Deficit | (10,697) | (690) |
| Total Liabilities and Stockholders Deficit | $ 63,834 | $ 61,005 |
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Nature of Operations and Continuance of Business
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6 Months Ended |
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Jan. 31, 2012
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| Nature of Operations and Continuance of Business | |
| Nature of Operations and Continuance of Business | 1. Nature of Operations and Continuance of Business
Future Energy Corp. (“we”, “our”, the “Company”) was incorporated in the state of Nevada on April 6, 2010. The Company has been in the exploration stage since its formation and has not commenced business operations.
The accompanying unaudited interim financial statements of the Company been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the Company’s audited 2011 annual financial statements and notes thereto filed on Form S-1/A with the SEC. In the opinion of management, all adjustments, consisting of normal reoccurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods present have been reflected herein. The results of operation for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosure required in the Company’s fiscal 2011 financial statements have been omitted. |
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Balance Sheets Parentheticals (USD $)
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Jan. 31, 2012
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Jul. 31, 2011
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| Preferred Stock, par or stated value | $ 0.001 | $ 0.001 |
| Preferred Stock, shares authorized | 100,000,000 | 100,000,000 |
| Preferred Stock, shares issued | 0 | 0 |
| Preferred Stock, shares outstanding | 0 | 0 |
| Common stock, par value | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 200,000,000 | 200,000,000 |
| Common Stock, shares issued | 6,428,571 | 6,428,571 |
| Common Stock, shares outstanding | 6,428,571 | 6,428,571 |
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Document and Entity Information
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6 Months Ended | |
|---|---|---|
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Jan. 31, 2012
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Apr. 27, 2012
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| Document and Entity Information | ||
| Entity Registrant Name | FUTURE ENERGY CORP. | |
| Document Type | 10-Q | |
| Document Period End Date | Jan. 31, 2012 | |
| Amendment Flag | false | |
| Entity Central Index Key | 0001504464 | |
| Current Fiscal Year End Date | --07-31 | |
| Entity Common Stock, Shares Outstanding | 6,428,571 | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Current Reporting Status | Yes | |
| Entity Voluntary Filers | No | |
| Entity Well-known Seasoned Issuer | No | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q2 |
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Statement of Expenses (USD $)
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3 Months Ended | 6 Months Ended | 22 Months Ended | ||
|---|---|---|---|---|---|
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Jan. 31, 2012
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Jan. 31, 2011
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Jan. 31, 2012
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Jan. 31, 2011
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Jan. 31, 2012
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| Revenue | $ 118 | $ 110 | $ 118 | $ 110 | $ 1,011 |
| Lease Operating Expense | 0 | 0 | 0 | 0 | 138 |
| General and administrative | 4,790 | 5,352 | 9,388 | 23,990 | 55,434 |
| Total Operating Expenses | 4,790 | 5,352 | 9,388 | 23,990 | 55,572 |
| Total Operating Loss Before Interest | (4,672) | (5,242) | (9,270) | (23,880) | (54,561) |
| Interest expense | (422) | (74) | (737) | (74) | (1,136) |
| Net Loss | $ (5,094) | $ (5,316) | $ (10,007) | $ (23,954) | $ (55,697) |
| Net Loss Per Share - Basic and Diluted | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | |
| Weighted Average Shares Outstanding | 6,428,571 | 6,428,571 | 6,428,571 | 6,428,571 | |
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Subsequent Events
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6 Months Ended |
|---|---|
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Jan. 31, 2012
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| Subsequent Events | |
| Subsequent Events | 6. Subsequent Events
On April 23, 2012, the Company entered into an unsecured promissory note with the President of the Company whereby the Company borrowed $5,000. The note is interest bearing at the rate of Royal Bank of Canada prime Interest rate plus 2% per annum commencing April 23, 2012, and repayable on April 23, 2013. |
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Related Party Transactions
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6 Months Ended |
|---|---|
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Jan. 31, 2012
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| Related Party Transactions | |
| Related Party Transactions | 5. Related Party Transactions
As at January 31, 2012, the Company was indebted to the President of the Company in the amount of $516, which is non-interest bearing, unsecured, and due on demand.
Our principal executive office space is provided by the President at no cost to the Company. |
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Statement of Stockholders Equity (Deficit) (USD $)
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Common Stock Shares
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Common Stock Amount
USD ($)
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Additional Paid-in Capital
USD ($)
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Subscription Receivable
USD ($)
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Deficit accumulated during the Development Stage
USD ($)
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Total
USD ($)
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|---|---|---|---|---|---|---|
| Balance at Apr. 05, 2010 | 0 | 0 | 0 | 0 | 0 | |
| Common stock issued for cash at $0.001 per share | 5,714,286 | 5,715 | 34,285 | 0 | 0 | 40,000 |
| Subscription receivable related to common stock | 714,285 | 714 | 4,286 | (5,000) | 0 | 0 |
| Net loss for the period | $ 0 | $ 0 | $ 0 | $ (9,528) | $ (9,528) | |
| Balance at Jul. 31, 2010 | 6,428,571 | 6,429 | 38,571 | (5,000) | (9,528) | 30,472 |
| Collection of subscription receivable | 0 | 0 | 5,000 | 0 | 5,000 | |
| Net loss for the period, | 0 | 0 | 0 | (36,162) | (36,162) | |
| Balance at Jul. 31, 2011 | 6,428,571 | 6,429 | 38,571 | 0 | (45,690) | (690) |
| Net loss for the period. | $ 0 | $ 0 | $ 0 | $ (10,007) | $ (10,007) | |
| Balance at Jan. 31, 2012 | 6,428,571 | 6,429 | 38,571 | 0 | (55,697) | (10,697) |
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Promissory Note - Related Party
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6 Months Ended |
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Jan. 31, 2012
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| Promissory Note - Related Party | |
| Promissory Note - Related Party | 4. Promissory Note – Related Party
On December 8, 2010, the Company entered into an unsecured promissory note with the President of the Company whereby the Company borrowed $25,000. The note is interest bearing at 2% per annum commencing December 8, 2010, and repayable on December 8, 2012.
On May 16, 2011, the Company entered into an unsecured promissory note with the President of the Company whereby the Company borrowed $5,000. The note is interest bearing at the rate of Royal Bank of Canada prime Interest rate plus 2% per annum commencing May 16, 2011, and repayable on May 16, 2012
On July 13, 2011, the Company entered into an unsecured promissory note with the President of the Company whereby the Company borrowed $10,000. The note is interest bearing at the rate of Royal Bank of Canada prime Interest rate plus 2% per annum commencing July 13, 2011, and repayable on July 13, 2012
On December 14, 2011, the Company entered into an unsecured promissory note with the President of the Company whereby the Company borrowed $10,000. The note is interest bearing at the rate of Royal Bank of Canada prime interest rate plus 2% per annum commencing December 14, 2011, and repayable on December 14, 2012. |