Quarterly report pursuant to Section 13 or 15(d)

Note Receivable

 v2.3.0.11
Note Receivable
 6 Months Ended
Jun. 30, 2011
Note Receivable  
Note Receivable
6.
Note Receivable

On June 16, 2010, Amarex, LLC ("Amarex") executed a note payable to the Company in settlement of a contract dispute.  The Company settled the case with Amarex for $100,000 less a balance owed of $43,953.  The principal sum of the note was $56,047, and is included in other income in the Company's statement of operations.  Monthly payments of $2,335 began on September 1, 2010 and will continue until August 1, 2012 at which time the balance is expected to be paid in full.  The note does not bear interest. Pursuant to the note, Amarex shall pay a late charge of five percent (5%) of any past due installment payments if any installment payment is not paid within 10 days of its due date.  As of June 30, 2011, all payments were made as scheduled.
 
As of June 30, 2011, the principal amortization of the note is shown below:
 
Principal Amortization
  
Expected Payment
 
Within 1 year
   $ 28,023  
1 year to Maturity Date (August 1, 2012)
     4,671  
         
    $ 32,694