XML 42 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Debt Disclosure
3 Months Ended
Mar. 31, 2015
Notes  
Debt Disclosure

 

NOTE 7 – NOTES PAYABLE

 

Notes payable

 

The Company executed a short term note payable to an individual, Secured by the assets of the company, dated Sept 6, 2013 in the amount of $50,000 and fixed fee amount of $3,500. As of March 31, 2015 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 2.5% 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 March 31, 2015 the outstanding balance was $550,615 compared to $393,399 at December 31, 2014.

 

The Company executed 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 March 31, 2015 the balance was $4,332. 

 

The Company executed 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 March 31, 2015 the balance was $4,332. 

 

On August 28, 2014 we entered into a unsecured note for $100,000 with a fixed fee of $20,000 and is amortized over 7 months.  On December 22, 2014, the balance of this note including remaining fees was $58,441, was rolled into a new note for $150,000, with fees in the amount of $28,500 and amortizes over 18 months.  The balance as of March 31, 2015 was $130,599.

 

On April 4, 2012, we entered into a secured promissory note for $41,000 with an interest rate of 10.5% and a term of 36 months, with monthly payments of $1,036.36 The balance as of March 31, 2015 was $1,497.