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NOTES RECEIVABLE-RELATED PARTY
3 Months Ended
Jun. 30, 2011
NOTES RECEIVABLE-RELATED PARTY  
NOTES RECEIVABLE-RELATED PARTY

NOTE D: NOTES RECEIVABLE – RELATED PARTY

 

On June 30, 2011, the Company had a loan receivable plus accrued interest of $9,885,000 from Prime Income Asset Management, Inc. (“PIAMI”) a related party.  The loan bears interest at the prime rate plus two percent and is due within 30 days following a demand by the Company.  If no demand is made the note will become due on January 31, 2013.

 

While the notes receivable by their terms are demand notes the Company does not anticipate making demand on such notes during the next twelve months and has therefore not classified the notes as being a current asset.