CREDIT ONE FINANCIAL INC - FORM 10-K/A - XML - IDEA: XBRL DOCUMENT - April 24, 2012

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10-K/A - FORM 10-K/A, DECEMBER 31, 2011 - CREDIT ONE FINANCIAL INCcreditonefinancial10k2011.htm
v2.4.0.6
Commitment and Contingencies
 12 Months Ended
Dec. 31, 2011
Commitment and Contingencies  
Commitments and Contingencies Disclosure [Text Block]

Note 7 - Commitments and Contingencies

 

On August 26, 2010, E&M (name changed to CEM International Ltd on September 16, 2010) entered into an Advertising Agreement (the “Agreement”) with Macau Lotus Satellite TV Media Limited (“Lotus TV”), pursuant to which Lotus TV authorizes E&M as its exclusive agent to operate all of its advertising businesses, and to be entitled to all the revenues generated therefrom (“Advertising Rights”).

 

The term of this Agreement is 10 years from September 1, 2010 to August 31, 2020. In consideration for Lotus TV’s grant of the Advertising Rights, E&M agrees to pay Lotus TV a fixed annual fee every year (the “Annual Fee”) regardless of the total amount of advertising revenues received by E&M. Under the Agreement, E&M paid Lotus TV an initial Annual Fee of $1,000,000 Hong Kong dollars (approximately US$128,900) for the first year of the Agreement, which Annual Fee will increase at 10% every year for the following two years. The initial annual fee of $128,900 was paid in August 2011, and the Company accrued $47,197 as payable in the consolidated balance sheet as of December 31, 2011 for the fee due in August 2012.

 

E&M also agrees to extend to Lotus TV, interest free, a credit facility consisting of a series of loans (each a “Loan”) totaling a minimum of US$10 million over a period of 10 years. The terms of each Loan and the increase of Annual Fee after the first three years of the Agreement will be negotiated by the parties depending on financial needs and the advertising revenues. The Company currently expects that the loans will be originated from its cash reserve, advertising revenue and, if necessary, raised from the capital market.

 

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