Annual report pursuant to Section 13 and 15(d)

LOANS RECEIVABLE (Details Textual)

v3.3.1.900
LOANS RECEIVABLE (Details Textual)
12 Months Ended
Dec. 31, 2015
USD ($)
Loans and Leases Receivable, Related Parties $ 300,000
Debt Instrument, Interest Rate, Stated Percentage 6.00%
Interest Receivable, Current $ 7,459
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.