Term Notes Payable

12 Months Ended

Dec. 31, 2014

NOTE F – Term Notes Payable

The Company is in default on all of the following unsecured term notes payable.


December 31,	2014		2013

Jeff Zernov (Former Chief Executive Officer)
Payable August 17, 2010 at 15% Interest.		$ 290,000		$ 290,000

Castaic
Installment note payable annually at $17,171 including interest at 8.0% from January 2009 through January 2011.		30,620		30,620

Installment note payable monthly at $1,175 including interest at 8.0% from February 2008 through January 2011.		20,246		20,246

Innovative Outdoors
Installment note payable monthly at $4,632 including interest at 7.0% from August 2008 through July 2011.		100,555		100,555

Total Notes Payable		$ 441,421		$ 441,421

- 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.

+ References+ Details