FACTORING LINE PAYABLE	12 Months Ended
Dec. 31, 2012
Notes to Financial Statements
FACTORING LINE PAYABLE	During the year ended December 31, 2012 and 2011, the Company borrowed a total of $-0- and $136,383, respectively from a factoring company against its accounts receivable. The factoring line charges a discount of 3.75%- 4.0% of the amount of the receivable and interest at a rate of 3.0% per month over the period that the receivable remains unpaid. During the year ended December 31, 2011 the Company converted the balance of $206,548, which included $139,571 in cash borrowed and $66,977 in accrued interest and fees. The outstanding principle balance of the factoring line payable totaled $206,548, and $416,031 as of December 31, 2012 and 2011 respectively. The outstanding accrued interest of the factoring line payable totaled $237,101 and $66,977 as of December 31, 2012 and 2011 respectively.

FACTORING LINE PAYABLE

12 Months Ended

Dec. 31, 2012

During the year ended December 31, 2012 and 2011, the Company borrowed a total of $-0- and $136,383, respectively from a factoring company against its accounts receivable. The factoring line charges a discount of 3.75%- 4.0% of the amount of the receivable and interest at a rate of 3.0% per month over the period that the receivable remains unpaid. During the year ended December 31, 2011 the Company converted the balance of $206,548, which included $139,571 in cash borrowed and $66,977 in accrued interest and fees. The outstanding principle balance of the factoring line payable totaled $206,548, and $416,031 as of December 31, 2012 and 2011 respectively. The outstanding accrued interest of the factoring line payable totaled $237,101 and $66,977 as of December 31, 2012 and 2011 respectively.

GroveWare Technologies Ltd. 10-K