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NOTES PAYABLE
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12 Months Ended | |||||||||||||||
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Dec. 31, 2012
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| Notes to Financial Statements | ||||||||||||||||
| NOTES PAYABLE |
NOTE 6 – NOTES PAYABLE
The Company has three non-collateral notes payable outstanding, that bear simple interest at 6% per annum. The first note is dated February 3, 2010 and is for $90,000. The second note is dated April 5, 2011 and is for $10,000. The third note is dated September 1, 2011 and is for $7,500. The notes principle and interest are due three years from the date of issuance. As of December 31, 2012 total accrued interest on all three notes is $17,400.
As of December 31, 2012, the Company owes an individual $4,942. The loan accrues interest at 6% and is due on demand.
The Company also has a financing loan for its product liability insurance. The loan has a balance of $5,346 as of December 31, 2012, accrues interest at 7.75% and is due within one year.
The five year maturity of these loans is as follows:
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