Notes Payable |
9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Notes to Financial Statements | |
| Note 9.Notes Payable |
On September 13, 2011, the Bank of North Dakota New Venture Capital Program provided a working capital loan to the Company in exchange for a promissory note in the amount of $125,000. It is a demand note, but if no demand is made, the Company shall make quarterly interest payments beginning December 31, 2011 at a fixed interest rate of 6% and continuing on a quarterly basis until maturity. The amount of the loan is reduced to $62,500 on September 30, 2013 and is due on September 30, 2014. $75,000 has been advanced on the loan as of September 30, 2011.
On September 13, 2011, the Bank of North Dakota Development Fund, Inc. provided a working capital loan to the Company in exchange for a promissory note in the amount of $125,000. It is a demand note, but if no demand is made, the Company shall make quarterly interest payments beginning December 31, 2011 at a fixed interest rate of 6% and continuing on a quarterly basis until maturity. The amount of the loan is reduced to $62,500 on September 30, 2013 and is due on September 30, 2014. $75,000 has been advanced on the loan as of September 30, 2011. |