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LONG-TERM NOTES PAYABLE - Note 12
6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
LONG-TERM NOTES PAYABLE - Note 12

NOTE 12 - LONG-TERM NOTES PAYABLE

 

The note was issued to CNCG as part of its acquisition of Portables, with an original face amount of $500,000, term from October 11, 2011 to October 11, 2014, and annual interest rate of 2.0%. On October 5, 2012, the Company repaid $180,000 of the outstanding principle and the interest rate was adjusted to 14.0%.