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Note Payable
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6 Months Ended |
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Jun. 30, 2011
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| Note 9 - Note Payable |
On January 1, 2011, the Company purchased equipment for a promissory note in the amount of $1,030,987. The note matures on December 31, 2012 and is subject to an annual interest of 10% per annum. A director of the Company personally paid $754,842 of the note payable. As of June 30, 2011, the note had an outstanding balance of $276,145. Interest expense at June 30, 2011 and 2010 was $28,138 and zero, respectively.
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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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