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EX-31.2 - EXHIBIT 31.2 - INNOVATIVE DESIGNS INCv331668_ex31-2.htm
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v2.4.0.6
BORROWINGS (Tables)
12 Months Ended
Oct. 31, 2012
Subordinated Borrowings [Abstract]  
Borrowings [Table Text Block]

Borrowings at October 31, 2012 and 2011 consisted of the following:

 

  2012  2011 
       
Due to Shareholders        
         
Note Payable - Joseph Riccelli        
Interest is 8% per quarter with no payment terms. $84,100  $142,100 
         
Note Payable $100,000 - James Kearney, September 2005.        
Interest of $8,000 per quarter was charged from October 2005 through October 2008; principal and interest due and payable in full at any time after December 10, 2005.  12,500   25,000 
         
Note Payable $10,000 - Frank Riccelli, July 2011.        
Due December 20, 2011; payable on demand; interest is 10% for 120 days. Note was extended through a verbal agreement.  10,000   10,000 
         
Note Payable $5,000 - Dr. John Bailliet, September 2011.        
Due December 7, 2011; payable on demand; interest is 10% for 90 days. This note was paid in full during the current year.  -   5,000 
         
Note Payable $50,000 - Sol & Tina Waxman Family        
Foundation. Due December 31, 2011; payable on demand; interest is 10% for 120 days. This note was paid in full during the current year.  -   50,000 
         
Note Payable $15,000 - Darryl Zaontz, September 2011.        
Due January 7, 2012; payable on demand; interest is 10% for 120 days. This note was paid in full during the current year.  -   15,000 
         
Note Payable $8,000 - Roberta Riccelli, February 2012.        
Due June 17, 2012; interest is 10% for 120 days.  8,000   - 
         
Note Payable $100,000 - Sol & Tina Waxman Family        
Foundation, May 2012. Due December 20, 2012; payable on demand; interest is 10%.  75,000   - 
         
Subtotal $189,600  $247,100 

  

  2012  2011 
       
Subtotal from Page 39 $189,600  $247,100 
         
Note Payable $50,000 - Joseph Riccelli, July 2012.        
Due January 9, 2013; interest is 10% for 120 days.  50,000   - 
         
Note Payable $27,000 - Darryl Zaontz, July 2012.        
Due January 31, 2013; payable on demand; interest is 10% for 6 months.  27,000   - 
         
Total Due to Shareholders $266,600  $247,100 
         
Notes Payable        
         
Note Payable - U.S. Small Business Administration.        
Due July 2035; payable in monthly installments of $1,820 including interest at 2.9% annum. $362,076  $374,338 
         
Note Payable $20,000 - Corinthian Development, LLC.        
Due November 15, 2011; payable on demand; interest is 10% for 120 days. This note was paid in full during the current year.  -   20,000 
         
Note Payable $34,000 - Xunjin Hua, August 2011.        
Due December 20, 2011; payable on demand; interest is 10% for 120 days. This note was paid in full during the current year.  -   34,000 
         
Note Payable $20,000 - Aaron Riccelli, September 2011.        
Due January 10, 2012; payable on demand; interest is 10% for 120 days. This note was paid in full during the current year.  -   20,000 
         
Note Payable $25,000 - Janet Thomas, October 2011.        
Due January 22, 2012; payable on demand; interest is 10% for 90 days. This note was paid in full during the current year.  -   25,000 
         
Subtotal $362,076  $473,338 

 

  2012  2011 
       
Subtotal from Page 40 $362,076  $473,338 
         
Note Payable $8,477 - Prime Rate Premium Finance        
Corporation, March 2012. Monthly payments of $992 due beginning April 10, 2012, including interest at 12.5%.  1,885   - 
         
Note Payable $25,000 - Hilary Ackermann, July 2012.        
Due January 31, 2013; payable on demand; interest is 10% for 6 months.  25,000   - 
         
Note Payable $50,000 - Aaron Riccelli, September 2012.        
Due January 14, 2013; payable on demand; interest is 10% for 120 days.  50,000   - 
         
Total Notes Payable $438,961  $473,338 
         
Total Borrowings  705,561   720,438 
         
Less Due to Shareholders  266,600   247,100 
         
Less Current Portion of Notes Payable  91,298   110,178 
         
Total Long Term Portion of Notes Payable $347,663  $363,160 
Schedule of Maturities of Long-term Debt [Table Text Block]

Maturities of long-term debt are as follows:

 

Year Ending   
October 31 Amount Due 
    
2013 $354,951 
2014  11,803 
2015  12,150 
2016  12,481 
2017  12,874 
Thereafter  301,302 
     
Total $705,561