this maybe old news but I just found it and wanted to share it with the board before I lost the web page this company has a lot of related companies.
We have a note receivable with Relm Real Estate Holdings, a related company, in the amount of $4,030 for the quarter-end June 30, 2007. The note was incurred for working capital and carries an interest rate of 5% and becomes due on January 1, 2008.
We have a note receivable with a First Equity Growth Trust, a related company, in the amount of $310 for the quarter-end June 30,, 2007. The note was incurred for working capital and carries an interest rate of 5% and becomes due on January 1, 2008.
We have a note receivable with a First Life Financial Corporation, a related company, in the amount of $5,544 for the quarter-end June 30, 2007. The note was incurred for working capital and carries an interest rate of 5% and becomes due on January 1, 2008.
We have a license fee payable with a FirstAccess Partners, a subsidiary of MERL Holdings Inc., where our Chairman, President and CEO is the Director/Secretary, in the amount of $1,560,000 for the quarter-end June 30, 2007. Under the license fee agreement, entered into as of July 2003 and for a term of up to 72 months for the use of the Access Channel Software, the Company must pay FirstAccess Partners $32,500 per month, in cash or common stock at the Company’s option, plus a royalty fee for each loan product processed. These payments shall begin on the first day after the Company receives funds from any loan product processed using the Access Channel Software.
We have a note payable with a First Independent Financial Group, our largest shareholder, in the amount of $78,449 for the quarter-end June 30, 2007. The note was incurred for working capital and carries an interest rate of 5% and becomes due on January 1, 2008.
We have a long term note payable with First Independent Financial Group, our largest shareholder, in the amount of $318,089 for the quarter-end June 30, 2007. The note was an acquired liability at acquisition and carries an interest rate of 12%.
D.
