Summary of Oral Loan Agreement Between the Company and Mr. Wang
Contract Categories:
Business Finance
›
Loan Agreements
Summary
The Company and Mr. Wang engaged in a series of oral loan transactions between 2009 and 2012, with Mr. Wang borrowing funds from the Company and repaying them over time. The loans were interest-free and repayable on demand. As of November 1, 2012, all outstanding amounts have been fully repaid, and both parties have agreed to discontinue such loan arrangements in the future.
EX-10.4 16 eworld_ex104.htm SUMMARY OF ORAL AGREEMENT WITH MR. WANG eworld_ex104.htm
EXHIBIT 10.4
The Company has entered into two oral loan transactions with Mr. Wang. In 2009, the Company loaned him $1,837,975. He repaid $1,089,209 of that amount in 2009. In 2010, the Company loaned Mr. Wang $435,715, and he repaid $1,341,470 to the Company. The current outstanding amount owed by Mr. Wang to the Company is $156,989.
As of November 1, 2012, the loans, which bore no interest and were due upon demand, have been fully repaid.
The Company and Mr. Wang have agreed to discontinue this practice.
