6. Notes Receivable-Sale of Business

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

6. Notes Receivable-Sale of Business

Pennsylvania Stores

Effective June 30, 2009, the Company sold all of the outstanding stock of the subsidiary that operated the three remaining Pennsylvania stores included in the former network of retail brokerage outlets (the “Pennsylvania Stock”).  The purchase price for the Pennsylvania Stock was approximately $397,000 which is being paid for by the payment of a promissory note with interest at the rate of 8.63% per annum and is payable in equal monthly installments of $5,015.

Franchise Business

Effective May 1, 2009, the Company sold all of the outstanding stock of the subsidiaries that operated the Company’s former DCAP franchise business (collectively, the “Franchise Stock”).  The purchase price for the Franchise Stock was $200,000 which was paid by delivery of a promissory note in such principal amount (the “Franchise Note”). The Franchise Note was paid in full during the quarter ended June 30, 2012.

Notes receivable arising from the sale of businesses as of September 30, 2012 and December 31, 2011 consists of:

	September 30, 2012						December 31, 2011
	Total		Current				Total		Current
	Note		Maturities		Long-Term		Note		Maturities		Long-Term
	(unaudited)
Sale of Pennsylvania stores	$	328,842	$	33,094	$	295,748	$	351,861	$	31,028	$	320,833
Sale of Franchise business		-		-		-		37,797		37,797		-
		328,842		33,094		295,748		389,658		68,825		320,833
Accrued interest		2,365		2,365		-		3,853		3,853		-
Total	$	331,207	$	35,459	$	295,748	$	393,511	$	72,678	$	320,833