Annual report pursuant to Section 13 and 15(d)

LOAN PAYABLE

v2.4.0.8
LOAN PAYABLE
12 Months Ended
Dec. 31, 2013
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.