| Linesof Credit Related Party |
4. Lines of Credit
As of December 31, 2013, the Company has two lines of credit as follows:
|
Creditor
|
Interest
Rate *
|
Borrowing
Limit
|
Repayment
Terms
|
Amount
Outstanding
|
Accrued
Interest
|
Total
|
Security
|
Purpose
|
|
Line of Credit -Chairman
|
1%
|
$4,000,000
|
Due on
Demand
|
$ 3,520,540
|
$ 451,805
|
$ 3,972,345
|
General Security
over Assets
|
General Corporate
Requirements
|
|
Line of Credit - Wife of
Chairman
|
1%
|
$2,000,000
|
Due on
Demand
|
$ 2,000,000
|
$ 536,385
|
$ 2,536,385
|
General Security
over Assets
|
General Corporate
Requirements
|
|
Total
|
|
|
|
$ 5,520,540
|
$ 988,190
|
$ 6,508,730
|
|
|
* per Month
As of December 31, 2012, the Company has two lines of credit as follows:
|
Creditor
|
Interest
Rate *
|
Borrowing
Limit
|
Repayment
Terms
|
Amount
Outstanding
|
Accrued
Interest
|
Total
|
Security
|
Purpose
|
|
Line of Credit - Chairman
|
1%
|
$2,500,000
|
Due on
Demand
|
$ 2,096,966
|
$ 143,936
|
$ 2,237,902
|
General Security
over Assets
|
General Corporate
Requirements
|
|
Line of Credit - Wife of
Chairman
|
1%
|
$2,000,000
|
Due on
Demand
|
$ 2,000,000
|
$ 296,385
|
$ 2,296,385
|
General Security
over Assets
|
General Corporate
Requirements
|
|
Total
|
|
|
|
$ 4,093,966
|
$ 440,321
|
$ 4,534,287
|
|
|
* per month
During the year ended December 31, 2012, as consideration for increasing the borrowing limits of the two lines of credit, the Company has granted 80,000,000 options (note 5(c)).
|