| Schedule of notes receivable |
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July 31, 2014
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October 31, 2013
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On May 13, 2014, we issued an eighteen month, secured $18,000 fixed rate Promissory Note (the "note") to an independent contractor, with an interest rate of 10%, which matures in November 2015. The note was issued for the financing of a trailer we sold for $18,000. The note calls for weekly payments of $258.75, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
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$
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15,975
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$
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-
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On May 2, 2014, we issued an un-secured $4,300 non-interest bearing Promissory Note to an independent contractor. The note calls for weekly payments of $268.75, until the balance is paid in full, and can be repaid before maturity in whole or part, without penalty
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$
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452
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$
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-
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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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-
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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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16,427
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$
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13,019
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Less current portion of notes receivable
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(12,827
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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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3,600
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$
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-
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