XML 22 R37.htm IDEA: XBRL DOCUMENT v2.4.0.8
Notes and Short-term Receivables (Detail Textuals) (USD $)
0 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Feb. 13, 2012
Jan. 07, 2013
Note receivable - Vulcan
Dec. 31, 2013
Note receivable - Vulcan
Dec. 31, 2012
Note receivable - Vulcan
Dec. 31, 2013
Short-term note receivable - Cordellia
Dec. 31, 2012
Short-term note receivable - Cordellia
Dec. 31, 2013
Note receivable - Apel Design
Dec. 31, 2012
Note receivable - Apel Design
Accounts, Notes, Loans and Financing Receivable [Line Items]                    
Total notes and short-term receivables $ 440,000 $ 497,355   $ 400,000 $ 440,000 $ 400,000 [1]    $ 80,777 [2]    $ 16,578 [3]
Initial interest rate of notes and loans receivable net       10.00%         12.00% 12.00%
Increase in interest rate per annum       4.00%            
Interest income accrued       40,000            
Original principal amount of note receivable     150,000           15,000,000  
Accrued interest                 $ 17,471,000  
Maturity date                 Aug. 13, 2012  
[1] On January 7, 2013, effective December 31, 2012, the Company, JV, and Vulcan entered into an agreement pursuant to which the JV Agreement was terminated. As part of the termination agreement, Vulcan issued to the Company a 10% Secured and Collateralized Promissory Note in the principal amount of $400,000. The interest rate will increase by 4% per annum if not paid by the maturity date. The note has a maturity date of December 31, 2013. Over the fiscal year of 2013, $40,000 of interest income was accrued for this note.
[2] The note receivable from Amit Apel Design, Inc. ("Apel Design") original principal of $15,000, interest at a 12% annual rate, maturing on August 13, 2012. Subsequently, the parties agreed to extend the maturity of the note to December 31, 2012. The note is secured by Apel Design's inventory. As of June 30, 2013, the amount owed the Company by Apel Design including accrued interest was $17,471, and was charged to bad debt expense.
[3] As of December 31, 2012, the Company had overpaid a note payable to CDOO in the amount of $80,777. This note receivable was charged to bad debt expense at June 30, 2013.