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NOTE 10 - NOTE PAYABLE - INSURANCE
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3 Months Ended |
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Mar. 31, 2012
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| Notes to Financial Statements | |
| NOTE 10 – NOTE PAYABLE - INSURANCE |
NOTE 10 – NOTE PAYABLE - INSURANCE
On August 31, 2011, the Company incurred short term financing for the purchase of insurance. The note was for $9,813. The interest rate on the debt is 4.96% and is scheduled to be repaid by May 31, 2012.
On February 28, 2011, the Company incurred short term financing for the purchase of worker’s compensation insurance. The note was for $3,353. Payments require a monthly service fee of $4 in lieu of a state interest rate.
On March 1, 2012, the Company incurred additional short term financings of $8,581 for the purchase of insurance. The interest rate on the financing was 6.96% and will mature in February 2013.
As of March 31, 2012, the balance on all notes for insurance financing was $9,370.
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