Quarterly report pursuant to Section 13 or 15(d)

BANK OVERDRAFT AND TERM FACILITIES (Details)

v2.4.0.6
BANK OVERDRAFT AND TERM FACILITIES (Details) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Bank overdraft facilities $ 249,090 [1] $ 255,607 [1]
Term facility 112,950 [2] 112,950 [2]
Term facility 199,575 [3] 225,371 [3]
Short-term Debt 561,615 593,928
Other current liabilities 360,125 330,607
Other liabilities $ 201,490 $ 263,321
[1] Bank overdraft facilities are unsecured and have a total maximum facility of approximately $260,000. The interest rate as of September 30, 2012 and December 31, 2011 was 11%. The facilities are reviewed annually and are payable on demand.
[2] Term facility is payable on demand and the facility is secured by certain assets of one of the Company's shareholders.
[3] The monthly payments of principal and interest of the term facility total approximately $5,300 and have been made currently since October 1, 2011. The interest rate at September 30, 2012 and December 31, 2011 was 10.3%.