v2.4.0.8

4. Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Linesof Credit Related Party [Abstract]

Schedule Line of Credit Related Party

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

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

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- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, who are related parties, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

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No definition available.

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