v2.4.0.8

4. Lines of Credit

3 Months Ended

Mar. 31, 2014

Linesof Credit Related Party [Abstract]

Linesof Credit Related Party

4.  Lines of Credit

As of March 31, 2014, the Company has lines of credit as follows:

Creditor	Interest Rate	Borrowing Limit	Repayment Terms	Amount Outstanding	Accrued Interest	Total	Security	Purpose
Chairman	1% per Month	$4,000,000	Due on Demand	$ 3,843,753	$ 562,434	$ 4,406,187	General Security over Assets	General Corporate Requirements
Wife of Chairman	1% per Month	$2,000,000	Due on Demand	2,000,000	596,385	2,596,385	General Security over Assets	General Corporate Requirements
Total				$ 5,843,753	$ 1,158,819	$ 7,002,572

As of December 31, 2013, the Company has lines of credit as follows:

Creditor	Interest Rate	Borrowing Limit	Repayment Terms	Amount Outstanding	Accrued Interest	Total	Security	Purpose
Chairman	1% per Month	$4,000,000	Due on Demand	$ 3,520,540	$ 451,805	$ 3,972,345	General Security over Assets	General Corporate Requirements
Wife of Chairman	1% per Month	$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

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- Definition

Description of a contractual arrangement, letter of credit, with a related party lenders, 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 of credit. As consideration for the lines of credit the related parties are granted options.

+ References

No definition available.

+ Details

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- Details

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