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EXCEL - IDEA: XBRL DOCUMENT - BLUEGATE CORPFinancial_Report.xls
10-K - ANNUAL REPORT ON FORM 10-K - BLUEGATE CORPbgat10k2012.htm
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v2.4.0.6
Note Payable To Related Party
12 Months Ended
Dec. 31, 2012
Note Payable To Related Party  
Note Payable To Related Party

5. NOTE PAYABLE TO RELATED PARTY

Note payable at December 31, 2012 and 2011 is summarized below:

    12/31/2012   12/31/2011

Secured note payable to related party: During 2007, the Company entered into a line of credit agreement with SAI Corporation ("SAIC"), a corporation controlled by our CEO, Stephen J. Sperco, to borrow up to $500,000. The line of credit has been amended several times due to Bluegate’s need to borrow funds for working capital purposes and has been increased to $1,250,000. As a condition to and as additional consideration for SAIC’s agreement to lend additional funds to the Company, the Company granted SAIC a security interest in its assets as more specifically detailed in the Promissory Note and Security Agreement. Principal and interest is due on demand. Interest is at the rate of 15% per annum and payments are due and payable monthly at the end of each month until the outstanding principal balance is paid in full. The Company agreed to pay a late charge in the amount of $10,000 on any interest payment more than fifteen days delinquent. During 2012, Bluegate borrowed $45,000 for working capital purposes.

 

$ 1,245,000 $ 1,200,000