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PROMISSORY NOTES - RELATED PARTY (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2014
Dec. 31, 2013
PROMISSORY NOTES ? RELATED PARTY [Abstract]    
Schedule of Promissory Notes

 

                                       

 

 

June 30,2014

 

 

December 31,2013

 

 

 

 

(Unaudited)

 

 

 

 

 

Promissory note issued to a company owned by one of the stockholders in October 2013 with a term of six months and bear interest at the rate of 15%. The proceeds from the note were used to pay the deposit to purchase the Company's building located in Longwood, Florida. In March 2014 the Company paid the promissory note balance of $120,000.

 

$

-

 

 

$

120,000

 

 

 

 

 

 

 

 

 

 

 

Promissory notes issued to two directors in October 2013, in place of the Company's expense reimbursement, the notes have a term of six months and bear interest at the rate of 15%. In March 2014 the Company paid the promissory notes in the amount of $62,125.

 

 

-

 

 

 

62,125

 

 

 

 

 

 

 

 

 

 

 

 

Promissory note issued to a stockholder in November 2013 with a term of six months and bear interest at the rate of 15%. In March 2014 the Company paid the promissory note in the amount of $20,000.

 

 

-

 

 

 

20,000

 

 

 

 

 

 

 

 

 

 

 

 

Promissory note issued to a stockholder in December 2013 with a term of six months and bear interest at the rate of 15%. In March 2014 the Company paid the promissory note in the amount of $22,500.

 

 

-

 

 

 

22,500

 

 

 

 

 

 

 

 

 

 

 

 

Promissory note issued to a company owned by one of the stockholders in March 2014, due in September 2014 and bear interest at the rate of 15% per annum.

 

 

600,000

 

 

 

-

 

 










 

Promissory note issued to a company owned by one of the stockholders in June 2014, due in November 2014 and bear interest at the rate of 15% per annum.

 

 

310,000

 

 

 

-


 

 

 

$

910,000

 

 

$

224,625

 

 


 

                 

 

 

2013

 

 

2012

 

 

 

 

 

 

 

 

Promissory note issued to a company owned by one of the stockholders in October 2013 with a term of six months and bear interest at the rate of 15%. The proceeds from the note were used to pay the deposit to purchase the Company's building located in Longwood, Florida (see Note 3)

 

$

120,000

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Promissory notes issued to two directors in October 2013, in place of the Company's expense reimbursement, the notes have a term of six months and bear interest at the rate of 15%.

 

 

62,125

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Promissory note issued to a stockholder in November 2013 with a term of six months and bear interest at the rate of 15%.

 

 

20,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Promissory note issued to a stockholder in December 2013 with a term of six months and bear interest at the rate of 15%.

 

 

22,500

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

$

224,625

 

 

$

-