Quarterly report pursuant to Section 13 or 15(d)

Receivables, Loans, Notes Receivable, and Others

v2.3.0.15
Receivables, Loans, Notes Receivable, and Others
9 Months Ended
Sep. 30, 2011
Receivables, Loans, Notes Receivable, and Others  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 9 - NOTE RECEIVABLE

 

            On September 8, 2009, the company loaned to an unrelated entity an amount of $50,000.  The note is payable within one year from the date of issuance together with interest of 6.0% A.P.R.

                       

            On November 24, 2009, the company loaned to an unrelated entity an amount of $1,000.  The note is payable within one year from the date of issuance together with interest of 4.0% A.P.R.

 

            On December 1, 2009, the company loaned to an unrelated entity an amount of $60,000.  The note is  payable within one year from the date of issuance together with interest of 6.0% A.P.R.

 

            As of December 31, 2009, note receivable outstanding was $112,139 (including accrued interest at 6.0% and 4.0%).  As of December 31, 2010, the Company determined that these notes were uncollectible.  The notes were written-off and bad debt expense of $112,139 was recorded in the statement of operations.