Posted On: 12/10/2013 3:46:25 PM
Post# of 17862
Corporate Start-Up Costs to Shareholder of HIRS
During the three-month period ended June 30, 2012, the Company and the shareholder of HIRS reached an agreement whereby, the Company agreed to reimburse the shareholder of HIRS for any corporate start- up costs he incurred ($721,509). On April 2, 2013, HIRS entered into an agreement to sell its debt of $721,509 to Network International Debt Collection Agency. Effective July 1, 2013, the advances bear interest at 10 percent. As the Company does not anticipate repayment of such costs until after January 1, 2015, the note payable is classified as long term in the condensed balance sheet.
https://www.otciq.com/otciq/ajax/showFinancia...?id=114617
During the three-month period ended June 30, 2012, the Company and the shareholder of HIRS reached an agreement whereby, the Company agreed to reimburse the shareholder of HIRS for any corporate start- up costs he incurred ($721,509). On April 2, 2013, HIRS entered into an agreement to sell its debt of $721,509 to Network International Debt Collection Agency. Effective July 1, 2013, the advances bear interest at 10 percent. As the Company does not anticipate repayment of such costs until after January 1, 2015, the note payable is classified as long term in the condensed balance sheet.
https://www.otciq.com/otciq/ajax/showFinancia...?id=114617
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