International Consolidated Companies Inc (INCC)

[surfkast]

What is the status of these notes? Most are either due or past due. Looks like $800,000 is due now. Notice that they increased the interest rate to 18% now! DEBT IS GROWING!

4 – NOTES PAYABLE
December 31,
2012
Officers note payable,15% interest rate, due on demand and in default. $ 300,000
Various note payable, with interest rate 15%, , due on December 31, 2013 40,000
Short term 340,000
Trust note payable, with interest rate 15%, due on January 1, 2015. 192,500
Trust note payable, with interest rate 15%, due on January 1, 2015. 250,000
Trust note payable, with interest rate 15%, due on July 1, 2015. 125,000
Various note payable, with interest rate 15%, due on June 30, 2015 103,000
Long term 670,500
Total Notes Payable $$ 1,010,500

4-NOTES PAYABLE
September 30, 2014
Shareholder note payable 18% interest rate, due on demand and in default. $ 300,000
Various note payable, with interest rate 18%, , due on December 31, 2013 40,000
Short term 340,000
Shareholder note payable, with interest rate 18%, due on January 1, 2015. 192,500
Shareholder note payable, with interest rate 18%, due on January 1, 2015. 250,000
Shareholder note payable, with interest rate 18%, due on July 1, 2015. 125,000
Various note payable, with interest rate 18%, due on June 30, 2015 204,000
Long term 771,500
Total Notes Payable $ 1 , 1 1 1 , 5 0 0