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EXCEL - IDEA: XBRL DOCUMENT - Panache Beverage, Inc.Financial_Report.xls
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NOTE 7 - LONG TERM DEBT
3 Months Ended
Mar. 31, 2012
Debt Disclosure [Abstract]  
NOTE 7 - LONG TERM DEBT

NOTE 7 - LONG TERM DEBT

 

The Company assumed an unsecured promissory note agreement with an individual lender in the amount of $128,500 at an annual interest rate of 24%, due upon the mutual agreement of the parties. The loan was transferred into Wodka from a related entity as a deemed distribution. The Company borrowed an additional $55,000 from this individual lender under the same terms. The additional proceeds were used to fund operations. The balance of this loan was $183,500 as of March 31, 2012 and December 31, 2011. The loan is personally guaranteed by a related party.

 

On January 1, 2012, the Company engaged this individual lender to provide business advisory services in exchange for 100,000 shares of common stock.