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Note 8 - Notes Payable
 12 Months Ended
Dec. 31, 2013
Notes  
Note 8 - Notes Payable

NOTE 8 – NOTES PAYABLE

 

Notes payable

 

Note Payable. This is a short term note payable to an individual, unsecured, dated Sept 6, 2013 in the amount of $50,000 and fixed fee amount of $3,500. As of December 31, 2013 the balance was $38,500.

 

On November 11, 2013 we entered in to an Accounts Receivable financing agreement with American Interbanc. It bears interest at the rate of 2% per month on the unpaid balance.  It is secured by the assets of the company.  In addition it is personally guaranteed by Kambiz Mahdi our Chief  Executive Officer. As of December 31, 2013 the outstanding balance was $120,387.  

 

Related Party – Notes payable                      

 

Note Payable. This is a term note payable, unsecured, dated November 03, 2009 payable to Linwood Goddard at a 12.00% interest rate, with a 36 month amortization and monthly payments of $334.14.  As of December 31, 2013 the balance was $4,332. 

 

Note Payable. This is a term note payable, unsecured, dated December 24, 2009 payable to Linwood Goddard at a 12.00% interest rate, with a 36 month amortization and monthly payments of $334.14.  As of December 31, 2013 the balance was $4,332. 

 

Convertible Promissory Note

On February 15, 2013 we entered into a convertible promissory note with a related party. for $120,000.  The note bears interest at the rate of 10% simple interest and is convertible at $.10 per share and is due on February 15, 2015.

On May 10, 2013 notice of conversion for the entire note was given. The shares were converted at $.10. As a result, the company issued 1,200,000 shares of common stock.