Related Party Loans |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Related Party Loans | |
| Related Party Loans |
Note 16 – Related Party Loans
The Company borrowed $15,000 from an employee in January of 2016 at 10% interest for three months. Accrued interest of $1,500 is included in accrued liabilities in the condensed consolidated balance sheets at March 31, 2016.The loan balance and accrued interest was repaid subsequent to March 31, 2016, in April 2016.In addition, the Company’s CEO, Chet Billingsley loaned the Company $10,000 for three months with no interest. The loan from the Company’s CEO was also repaid subsequent to March 31, 2016, in April 2016. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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