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DEBT
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12 Months Ended |
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Dec. 31, 2011
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| DEBT |
NOTE 6 – DEBT
We have a note payable of $2,750,000 which is due on September 13, 2012. The note bears interest at 12.0% per annum with $330,000 of interest due on September 13th. The interest due of $330,000 is in an escrow account for the note holder. If the note is not extended we will have to repay the note on the due date.
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- Details
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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