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EX-32 - CERTIFICATION - Sputnik Enterprises, Incspni_ex32.htm
EX-31 - CERTIFICATION - Sputnik Enterprises, Incspni_ex31.htm
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EXCEL - IDEA: XBRL DOCUMENT - Sputnik Enterprises, IncFinancial_Report.xls
10-K - FORM 10-K - Sputnik Enterprises, Incspni_10k.htm
v2.4.0.8
Notes Payable
12 Months Ended
Dec. 31, 2013
Notes Payable  
NOTE 4 - NOTES PAYABLE

On July 1, 2008, the Company issued a note in the amount of $25,000 to legal counsel, for legal expenses. The note is due on demand and has no stated interest rate. Pursuant to a Notice of Assignment dated November 23, 2012, the Company was notified that the promissory note had been assigned and that all future note payments will be payable to Roy Thomas Kidd and Joan L. Kidd, The interest rate is 0% and is payable on demand.

 

On December 28, 2012 the Company issued a note in the amount of $15,000 to Roy Thomas and Joan L. Kidd, in exchange for cash. The interest rate is 0% and is payable on demand.

 

During the year ending December 31, 2013, cash advances and expenses paid on behalf of the company, totaling $62,097, were made by Mr. Kidd. There is no formal note or terms and is payable on demand.

 

Notes payable totaled $102,097 and $40,000 at December 31, 2013 and 2012, respectively. The Company is imputing an interest rate on the above debts, at a rate of 3.65%, to reflect the economic benefit of non-interest bearing loans. Interest expense on these loans amounted to $2,593 and $0, for the years ending December 31, 2013 and 2012, respectively.