Note 7 - Loan Payable

9 Months Ended

Sep. 30, 2012

Note 7 – Loan Payable

As of September 30, 2012 and December 31, 2011 , the Company has loan payable as follows:

	September 30,	December 31,
	2012	2011

Auto loan payable to a bank, due in monthly installments of $1,346 including interest at 4.39% as of September 30, 2012 and December 31, 2011. The final payment for the loan is scheduled on June 27, 2016.	$ 58,013	$ 180,104

Loan payable to Playon Interactive, Inc. due on September 12, 2013. Interest rate is 11.00% as of September 30, 2012.	50,000	-

Less: Current portion	(65,063)	(126,650)

Loan payable, net of current	$ 42,950	$ 53,454

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

SOCIAL CUBE INC 10-Q