v2.4.0.8

4. Lines of Credit

9 Months Ended

Sep. 30, 2014

Linesof Credit Related Party [Abstract]

Linesof Credit Related Party

4. Lines of Credit

As of September 30, 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		$	5,500,000		Due on Demand		$	4,662,891			$	781,554			$	5,444,445		General Security over Assets	General Corporate Requirements
Wife of Chairman	1% per Month		$	2,000,000		Due on Demand			2,000,000				716,385				2,716,385		General Security over Assets	General Corporate Requirements
Total								$	6,662,891			$	1,497,939			$	8,160,830

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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