Annual report pursuant to section 13 and 15(d)

NOTE PAYABLE - Shareholder

v2.4.0.6
NOTE PAYABLE - Shareholder
 12 Months Ended
Dec. 31, 2012
NOTE PAYABLE [Abstract]  
NOTE PAYABLE - Shareholder

NOTE 7 - NOTE PAYABLE - Shareholder


The Company's notes payable to shareholder classified as current at December 31, 2012 and 2011 consists of the following:


                             

 

 

As of

December 31,

 

 

 

2012

 

 

2011

 

Notes Payable

 

Principal

 

 

Interest*

 

 

Principal

 

 

Interest*

 

Shareholder

 

$

50,000

 

 

3.0%

 

 

$

-

 

 

-

 

Total

 

$

50,000

 

 

 

 

 

$

-

 

 

 

 

-------

* interest rate per month


On January 11, 2012 a shareholder loaned the Company $35,000 at 3% interest per month for one year. On April 13 2012, the shareholder loaned additional principal to the Company in the aggregate amount $25,000. On June 28, 2012, the Company made a $10,000 principal payment on the note. At December 31, 2012, the principal balance on the note was $50,000 with accrued interest of $2,432.