LOAN PAYABLE
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12 Months Ended |
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Dec. 31, 2013
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LOAN PAYABLE | |
LOAN PAYABLE |
NOTE 6 LOAN PAYABLE
Related Party
During the fourth quarter of 2012, Mr. Maggiore, a significant shareholder, advanced the Company $15,000. As of December 31, 2012 this amount was still unpaid.
During the twelve months ended December 31, 2013, Mr. Maggiore advanced the Company an additional $447,000. As discussed in Note 7, this amount was reclassified into convertible debt attributed to HEP Investments, LLC, of which Mr. Maggiore is a member. As of December 31, 2013, there was no balance due to Mr. Maggiore.
Others
During 2012, the Venture Group loaned the Company $57,000. This money was related to the overall financing of $500,000 as discussed in Note 7. During 2012, HEP Investments loaned the Company $184,592, as part of its overall funding commitment of $2,000,000 as discussed in Note 7. |
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- Details
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- Definition
Entire Disclosure For Loan Payable DuringThe Period No definition available.
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