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LONG-TERM NOTES PAYABLE - Note 12
12 Months Ended
Dec. 31, 2013
Long-Term Notes Payable - Note 12  
LONG-TERM NOTES PAYABLE - Note 12

NOTE 12 - LONG-TERM NOTES PAYABLE

The note was issued by Zoom Sub 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 $182,500 of the outstanding principle and the interest rate was adjusted to 14.0%. The Company made further payments of principal on the note during 2013. The note is in default and has been classified as short term. The outstanding balance in notes payable is $205,937.