LOAN PAYABLE
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9 Months Ended |
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Sep. 30, 2013
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LOAN PAYABLE | |
LOAN PAYABLE |
NOTE 5 LOAN PAYABLE
Related Party
During 2012, Christopher Maggiore, a significant shareholder, advanced the Company $15,000. As of December 31, 2012 this amount was still unpaid. During the nine months ended September 30, 2013, Mr. Maggiore advanced the Company an additional $447,000. As discussed in Note 6, this amount was reclassified into convertible debt attributed to HEP Investments, LLC. As of September 30, 2013, there was no balance due to Mr. Maggiore.
Others
During 2012, the Venture Group loaned the Company $57,000. During the nine months ended September 30, 2013, the Venture Group completed its funding relating to the overall financing of $500,000. All monies owed Venture Group are currently in the form of 11% Convertible Debentures. (See Note 6 Convertible Debt)
As of December 31, 2012, HEP Investments, LLC had loaned the Company $186,592, as part of its overall funding commitment of $2,000,000. During the nine months ended September 30, 2013, HEP Investments, LLC completed its funding commitment. All monies owed HEP Investments, LLC are currently in the form of 11% Convertible Debentures. (See Note 6 Convertible Debt) |
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- Details
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- Definition
Entire Disclosure For Loan Payable DuringThe Period No definition available.
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