Note 13 - Note Payable - Factoring
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12 Months Ended |
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Dec. 31, 2011
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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. |