Annual report pursuant to Section 13 and 15(d)

Note Receivable

v2.4.0.6
Note Receivable
 12 Months Ended
Dec. 31, 2012
Note Receivable [Abstract]  
Note Receivable

 

5.  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 cumulative statement of operations.  Monthly payments of $2,335 began on September 1, 2010 and continued until August 1, 2012 at which time the balance was paid in full.  The note does not bear interest. As of December 31, 2012, the note had been paid in full.