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NOTES RECEIVABLE
9 Months Ended
Sep. 30, 2011
NOTES RECEIVABLE 
NOTES RECEIVABLE
NOTE 4 - NOTES RECEIVABLE

Notes Receivable - Related Parties

The following is a summary of amounts due from related parties, including accrued interest separately recorded, as of September 30, 2011:

Related party
Nature of relationship
Terms of the agreement
Principal amount
Accrued Interest
         
H.E.B., LLC, a Nevada
limited liability company
 
Scott Haire is the managing
member of HEB.
Unsecured $800,000 line of credit due on demand
with interest rate of 10% per annum.   Available
line as of September 30, 2011 is $760,867.
$     39,133
$1,171
         
VHGI Holdings, Inc.
 
Scott Haire is a director and officer
of WMT and VHGI.
Unsecured note with interest accrued at rate of
10% per annum and is due on demand.
     45,664
 
 
4,418
         
MAH Holding, LLC
 
MAH Holding, LLC has provided
previous lines of credit to affiliates
 of WMT.
Unsecured note with interest accrued at 10%
per annum and is due on demand.
  1,019,211
95,777
 
TOTAL
   
$1,104,008
$101,366
 
Notes Receivable

The Private Access Note, in the amount of $1,500,000, is with an unrelated company and the loan bears interest at 9% per annum from the day of purchase to the maturity date of July 31, 2013, with $227,152 of interest accrued as of September 30, 2011.  According to the terms of the Assignment and Assumption Agreement between VHGI ("Assignor"), Private Access, Inc. ("Private Access") and the Company ("Assignee"), Assignor assigned all rights, title and interest in the Private Access Note, including the right to serve as collateral agent for the collateral pledged as security by Private Access to the Assignee.  Under the terms of the Security Agreement dated August 3, 2009, which was assigned to the Company by Assignor, the Company, along with other investors, holds pro rata security interests in all property of Private Access including its intellectual property.

The Company has five $50,000 5% secured notes, with the same unrelated party for a total balance of $250,000.  The notes were received as part of the June 21, 2011 note payable and warrant purchase agreement (see note 5).  Each $50,000 5% secured note receivable has a maturity date 49 months from the initial funding.  As of September 30, 2011, the principal balance receivable on these notes is $250,000.   As of this same date, $4,236 of interest receivable has been accrued.