Note Payable-Related Party of Discontinued Operations
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Note Payable-Related Party Of Discontinued Operations | |
Note 8 - Note Payable-Related Party of Discontinued Operations |
As a result of the reverse merger, the Company assumed a $140,242 note payable due to a former director and shareholder of the Company. As consideration for the loans, the Company issued the director demand promissory notes at a rate equal to the prime rate plus one percent. Interest expense at June 30, 2011 was $1,486.
|