Annual report pursuant to Section 13 and 15(d)

Receivables, Loans, Notes Receivable, and Others

v2.4.0.6
Receivables, Loans, Notes Receivable, and Others
12 Months Ended
Dec. 31, 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.