NOTE 7 – NOTES PAYABLE
July 8, 2010, the Company’s sole officer contributed a note
payable in the amount of $83,627 which originated from his
previously dissolved limited liability company. The note represents
cash advances from an individual utilized for operating expenses.
During the period from inception (July 8, 2010) through December
31, 2010, the individual advanced $64,491 and for the nine-month
period ended September 30, 2011 an additional $19,500. Each advance
accrues interest at a rate of 12% per annum and are due on demand.
At September 30, 2011 and December 31, 2010, the principal balance
together with accrued interest of $23,373 and $7,145 totaled
$189,490 and $155,263, respectively.
connection with the Company’s reverse acquisition with TCI,
the accounting survivor, the Company assumed a promissory note in
the amount of $111,000. The note is unsecured,
bears interest at 10% per annum, and is due on
demand. Default in payment shall, at the option of
the holder, render the entire balance payable. As of
September 30, 2011, the principal balance together with accrued
interest of $2,829 totaled $113,829.