ADVS » Topics » Note 5-Notes Receivable, Related Parties

This excerpt taken from the ADVS 8-K filed Nov 6, 2008.

Note 5—Notes Receivable, Related Parties

 

In 2006, the Company entered into a promissory note with an employee to loan funds on an ongoing basis up to $288,000. The promissory note has an interest rate of 4.90%. As of June 30, 2008, no interest has been paid. The principal and accrued interest on the promissory note will be due on December 1, 2016. As of June 30, 2008 and December 31, 2007, the balance of the promissory note was $240,000 and $168,000 at June 30, 2008 and December 31, 2007, respectively.  Accrued interest on the promissory note was $9,000 and $4,000 at June 30, 2008 and December 31, 2007, respectively.

 

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