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NOTES PAYABLE
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12 Months Ended | ||
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Dec. 31, 2014
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| Notes Payable [Abstract] | |||
| NOTES PAYABLE |
From time to time the majority stockholder of the Company has advanced funds to the Company for working capital purposes. As of December 31, 2013, the outstanding balance advanced amounted to $74,938, which was fully repaid in June 2014.
On September 10, 2014, the Company borrowed an additional $100,000 from the majority stockholder. In October 2014, $85,000 was repaid and the remaining $15,000 was contributed to equity of the Company. The balance outstanding for related party advances as of December 31, 2014 amounted to $0.
On September 30, 2014, the Company entered into a Demand Promissory Note with a third party lender for total borrowings of $100,000. The outstanding principal is due on demand, along with an additional interest fee of $5,000.
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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