| NOTES RECEIVABLE |
NOTE 5 - NOTES RECEIVABLE
Cash was issued in exchange for promissory notes from unrelated contractors, for the specific purpose of purchasing truck and trailers to be used in operations of Load Guard Transportation.
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April 30, 2014
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October 31, 2013
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On July 8, 2013, we issued a one-year, secured $11,000 fixed rate Promissory Note (the "note") to an independent contractor, with an interest rate of 8%, which matures in July 2014. The note was issued for the financing of a tractor and trailer we sold for $22,000. The note calls for weekly payments of $228.46, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
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$
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2,538
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$
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7,827
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On July 8, 2013, we issued a one-year, secured $7,500 fixed rate Promissory Note (the "note") to an independent contractor, with an interest rate of 10%, which matures in July 2014. The note was issued for the financing of a trailer valued at $7,500. The note calls for weekly payments of $144.23, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
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-
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5,192
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Total notes receivable
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$
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2,538
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$
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13,019
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Less current portion of notes
receivable
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(2,538
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)
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(13,019
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)
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Long-term portion of notes receivable
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$
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-
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$
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-
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During the periods ended April 30, 2014 and 2013, the Company earned interest revenue of $632 and $305, respectively.
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