XML 98 R58.htm IDEA: XBRL DOCUMENT v2.4.0.8
Notes Payable (Details) (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Notes payable $ 350,937 $ 290,000
Former Executives of Nollec
   
Notes payable 145,000 290,000
Terms of Note Payable

There was a note owed to the former executives of Nollec that was an incentive for key managers to remain with the Nollec after Zoom acquired it in 2010. The note neither bears interest nor is collateralized by any assets.

 

 

 
CNCG
   
Notes payable $ 205,937 $ 0
Terms of Note Payable

The Note due to CNCG carries an annual interest rate of 8.00% to be made in quarterly installments of $43,708. The Company's subsidiary Zoom Sub is currently in default of the note due to CNCG therefore the interest rate adjusted to 14.00%. The note amortizes and matures in October of 2014. The note is unsecured and is not guaranteed by Zoom Technologies, Inc. The note was previously classified as long term. Refer to "Note 12 - Long-Term Notes Payable" for additional details.

 

 

 

 
Interest Rate 14.00%