XML 38 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACQUISITION NOTES PAYABLE TO STOCKHOLDERS
3 Months Ended
Mar. 31, 2013
Acquisition Notes Payable To Stockholders [Abstract]  
ACQUISITION NOTES PAYABLE TO STOCKHOLDERS

NOTE 6 - ACQUISITION NOTES PAYABLE TO STOCKHOLDERS

 

The former member of Thomas was given a note as consideration for the membership of Thomas Investment Holdings, Inc. together with 125,000 shares of restricted common stock of the Company. The note bears interest at 4.5%, and is payable in monthly interest only installments from January 1, 2011. The notes must be repaid by November 10, 2014 or the membership interests of Thomas Investment Holdings, Inc. must be returned to the holders. The notes are secured by membership interests in Thomas Investments, LLC and by the individual real properties owned by Thomas Investments, LLC and operated by the Company.  Wayne Middleton has designated a portion of this note to be payable to William Middleton under the same terms. 

 

Acquisition note payables at March 31, 2013 and December 31, 2012 are as follows:

 

 

 

 

March 31, 2013

 

 

December 31, 2012

 

Note payable to Wayne Middleton, due November 10, 2014, with monthly payments of interest only, secures by membership interest in Thomas Investment Holdings and real estate. $80,000 of this note is designated as payable to William Middleton under the same terms.

 

 

 

 

 

 

 

$

 

 

 

 

 

800,000

 

 

 

 

 

 

 

$

 

 

 

 

 

800,000