Annual report pursuant to section 13 and 15(d)

Note 13 - Note Payable - Factoring

v2.3.0.11
Note 13 - Note Payable - Factoring
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Note 13 - Notes Payable - Factoring

NOTE 13 – NOTE PAYABLE – FACTORING

 

On December 12, 2011, the Company entered into a purchase and sale agreement with a third party account receivable factoring company. The agreement continues in effect as long as there is an outstanding balance owed by the Company. The agreement requires a payment of 3% for the first thirty days and 1/10 of 1 percent thereafter on the face amount of the accounts receivable financed. The balance at 12/31/2011 was $115,126.