LOAN RECEIVABLE (Details Textual) |
9 Months Ended |
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Sep. 30, 2015
USD ($)
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Loans and Leases Receivable, Related Parties | $ 300,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
Interest Receivable, Current | $ 3,760 |
Subordinated Debt | $ 200,000 |
Loans and Leases Receivable, Description | Of the $300,000, $150,000 is repayable upon the earliest of May 5, 2016, the consummation of certain possible transactions and any consolidation, merger, combination, reorganization or other similar transaction entered into by the Borrower, and interest is payable semi-yearly. The remaining $150,000, along with accrued interest, is repayable upon the earliest of the nine month anniversary of the termination date of any letter of intent with respect to a Possible Transaction and the consummation of certain Possible Transactions or any other similar transaction similar to a Possible Transaction without the participation of the Company. |
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Carrying amount as of the balance sheet date of current interest earned but not received. Also called accrued interest or accrued interest receivable. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Describes the major category and subcategories of loans held, any unusual risk concentration relating thereto, and the related loans receivable carrying amounts as of the balance sheet date. Such descriptions may include information pertaining to: (i) type of borrower, (ii) purpose of the loan, (iii) loan maturity, (iv) credit and other risk associated with the loan, and (v) other terms of importance (secured or unsecured, variable or fixed interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition For an unclassified balance sheet, reflects the carrying amount of unpaid loan amounts due from related parties at the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Including the current and noncurrent portions, carrying value as of the balance sheet date of subordinated debt (with initial maturities beyond one year or beyond the operating cycle if longer). Subordinated debt places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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