General form of registration statement for all companies including face-amount certificate companies

NOTES PAYABLE

v2.4.0.6
NOTES PAYABLE
 12 Months Ended
Dec. 31, 2010
Debt Disclosure [Abstract]  
Short-term Debt [Text Block]
5.
NOTES PAYABLE
 
At December 31, 2010 and 2009, the Company had notes payable as follows:
 
   
2010
    
2009
  
                 
Line-of credit with a bank with interest at Wall Street Prime +1% (minimum of 5.5%) payable monthly; due in monthly payments of $1,729 commencing February 10, 2011 with the balance due in full on July 10, 2011; collateralized by substantially all assets of the Company; guaranteed by Mr. Pruitt
   $ 250,000     $ 250,000  
                 
Note payable to an individual with interest at 18%; due June 30, 2010; refinanced as a convertible note payable on December 31, 2010
     -       162,500  
    $ 250,000     $ 412,500