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3. NOTE PAYABLE
3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
3. NOTE PAYABLE

Note 3. NOTE PAYABLE

 

In December 2013, the Company signed an agreement to purchase certain telecommunications equipment for $10 million. The agreement calls for the Company to sign an installment agreement for $1,000,0000. The installment agreement is payable in 60 equal monthly payments consisting of principal and interest, or $25,066, beginning 12 months after the signing of the agreement. Interest accrues at 12% per annum.

 

The Company has the option to pay the remaining $9,000,000 balance in the Company's common stock at par value 12 months after the signing of the agreement or to pay it in equal monthly installments over a 60 month term with interest at 12% per annum.