Thursday, March 06, 2008 3:12:04 PM
In 1999, we borrowed an aggregate of $105,000 from Brian Sorrentino, an executive officer, director and shareholder. We executed a promissory note for the loan amount at an interest rate of 12% per annum. The loan, which was due March 3, 2000, has not been paid as of the date of this filing. In the fiscal year ended December 31, 2003, Mr. Sorrentino loaned an additional $4,100 to the Company. In the fiscal year ended December 31, 2004, Mr. Sorrentino loaned an additional $248,730 to the Company. As of December 31, 2006, that the aggregate amount due including interest to Mr. Sorrentino is $497,314.
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