Quarterly report pursuant to Section 13 or 15(d)

Note Receivable

v2.4.0.6
Note Receivable
 3 Months Ended
Mar. 31, 2013
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 did not bear interest.