Quarterly report pursuant to sections 13 or 15(d)

Notes Payable - Related Party

v2.3.0.15
Notes Payable - Related Party
6 Months Ended
Jun. 30, 2011
Notes Payable - Related Party  
Notes Payable - Related Party

Note 8: Notes Payable - Related Party

 

We received working capital loans from GGLLC, a related party, in 2008 and 2007.  The loans bear 9% interest and are due 90 days after demand.  The terms of the loan call for interest to be accrued on interest if payments are not made.  Interest expense associated with these loans was $3,573 and $13,498 for the six months ended June 30, 2011 and 2010 respectively.  The notes were paid in full in July 2011.