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Long-Term Debt - Related Party
6 Months Ended
Jun. 30, 2015
Long-term Debt - Related Party  
Long-Term Debt - Related Party

8. Long-Term Debt – Related Party

 

    June 30, 2015     December 31, 2014  
Loan from Heineken UK Limited, payable in quarterly installments of $137,900, plus interest at UK prime plus 5% maturing on October 9, 2016, secured by licensing rights pursuant to a Sub-License Agreement.   $ 786,300     $ 1,038,600  
                 
Less current maturities     524,200       519,300  
    $ 262,100     $ 519,300  

 

Maturities of debt for succeeding years are as follows:

 

Six months ending December 31, 2015 $ 262,100  
Year ending December 31, 2016 $ 524,200  

 

On April 18, 2013, KBEL entered into a Loan Agreement (the “HUK Loan Agreement”) with HUK pursuant to which HUK provided KBEL with a secured term loan of £1,000,000 on October 9, 2013 to be repaid in twelve quarterly installment of £83,333.33 each, commencing from January 9, 2014 along with interest at the rate of 5% above the Bank of England base rate. Prepayment is permitted. Upon an Event of Default, as defined in the HUK Loan Agreement, if HUK and KBEL fail to agree on a payment plan acceptable to HUK, HUK may, among other remedies, declare the loan immediately due and repayable or exercise its right to an exclusive license pursuant to the Sub-License Agreement as described and defined in the HUK Loan Agreement.