Annual report pursuant to Section 13 and 15(d)

Note Receivable - Related Parties

v2.4.1.9
Note Receivable - Related Parties
 12 Months Ended
Dec. 31, 2014
Receivables [Abstract]  
Note Receivable - Related Parties

Note 5 - Note Receivable – Related Parties

 

On December 31, 2014 a note of $1,475,766 was issued to the Company in exchange for the Company’s open trade receivables from ChubeWorkx Guernsey Limited, a major shareholder. It is payable in sixty equal installments of $27,734 commencing January 1, 2015 and has an interest rate of 5% per annum. Installments due on the first of January, February and March 2015 have been settled.

 

In the event of default, the Company, at its sole discretion, has the right to redeem any and all Company shares owned by ChubeWorkx Guernsey Limited to satisfy the monies owed to the Company under this note.

 

The scheduled cash flow from the note is as follows:

 

      Principal     Interest     Total  
Next 12 Months     $ 266,457     $ 66,350     $ 332,807  
Next 13-24 Months       280,090       52,718       332,808  
Next 25-36 Months       294,420       38,388       332,808  
Next 37-48 Months       309,483       23,325       332,808  
Next 49-60 Months       325,316       7,491       332,807  
      $ 1,475,766     $ 188,272     $ 1,664,038