Informal Loan Agreement Between Company and President
The President of the Company has verbally agreed to loan the Company up to $10,000 per month for the next twelve months if the Company raises only part of its offering amount. These loans are intended to help with start-up operations. There are no set repayment terms, so any funds loaned will be payable on demand.
INFORMAL AGREEMENT WITH COMPANY PRESIDENT
The Company’s President has been loaning funds to the Company. The Company’s President has verbally agreed that for the next twelve (12) months, in the event that the Company raises only a portion of the Offering amount, to loan the Company up to $10,000 per month to assist in start-up operations.
Because there are no agreed upon terms for the repayment of any funds loaned to the Company, the loans, when made should be considered payable on demand.
