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EXCEL - IDEA: XBRL DOCUMENT - Panache Beverage, Inc.Financial_Report.xls
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NOTE 5 - LOANS PAYABLE – RELATED PARTIES
3 Months Ended
Mar. 31, 2012
Debt Disclosure [Abstract]  
NOTE 5 - LOANS PAYABLE – RELATED PARTIES

NOTE 5 - LOANS PAYABLE – RELATED PARTIES

 

The Company had an outstanding loan payable to its chief executive officer, majority shareholder and former member of Panache LLC in the amount of $245,000 as of March 31, 2012 and December 31, 2011. The loan balance includes $110,275 that was transferred into Wodka from a related entity as a deemed distribution. The loan is unsecured, and non-interest bearing. In order to induce a new member to purchase a membership interest, the related party agreed that the loan would not be repaid without unanimous Board approval. In addition, the loan would not become due and payable until all of the equity interests of Wodka, or substantially all of the assets of Wodka are sold to an unrelated third party.

 

The Company had additional loans payable to related parties totaling $137,434 and $113,629 at March 31, 2012 and December 31, 2011, respectively. The loans are unsecured and non-interest bearing with no stated payment terms. Proceeds from the loans were used to fund operations.