Artisanal Brands, Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - November 23, 2012

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10-K - FORM 10-Q - Artisanal Brands, Inc.ahfp_10k-053112.htm
v2.4.0.6
Note 8 - Notes Payable and Current Portion of Long Term Debt
 12 Months Ended
May 31, 2012
Debt Disclosure [Text Block]
8.             NOTES PAYABLE and CURRENT PORTION OF LONG TERM DEBT

Notes payable and current portion of long-term debt at May 31 consisted of:

   
2012
   
2011
 
             
Bridge Loan, (a)
 
$
150,000
   
$
150,000
 
Term Loan, (b)
   
834,000
     
894,000
 
KeHE Loan-current portion, (c)
   
250,000
     
250,000
 
Total Notes payable
 
$
1,234,000
   
$
1,294,000
 

 
 (a)
In July 2009, we secured from an existing shareholder a $150,000 bridge loan at an annual interest rate of nine percent (9%) which matured on September 8, 2009 (the "Bridge Loan").  The Company has defaulted on repayment of the Bridge Loan by the maturity date, however, the lender has agreed to forbear collection until such time as the Company completes a secondary offering.  As of May 31, 2012,and May 31, 2011, the total amount due under the Bridge Loan including interest is $184,878 and $171,341, respectively.

 
(b)
During the period July 2009 to February 2011, we secured from several existing shareholders a term loan in the aggregate amount of $1,214,000 at an annual interest rate of nine percent (9%) to mature on or about September 10, 2010 (the "Term Loan").  The Term Loan amount has since been reduced to $834,000 (excluding interest) and the due date of the loan was extended to December 31, 2011.  The Company has defaulted on repayment of the Term Loan by the maturity date, however, all but one lender has agreed to forbear collection until such time as the Company completes a secondary offering.  As of May 31, 2012 and May 31, 2011, the total amount due under the Term Loan including interest is $1,017,169 and $1,002,389 respectively.

 
(c)
Also reported under Notes Payable is a $250,000 short term loan from KeHE advanced in May 2011 (See Note 13-Long Term Debt).   The Company has defaulted on repayment of the short term loan by the maturity date, however, has the full support of KeHE which has agreed to forbear until such time as the Company completes a secondary offering.  As of May 31, 2012 and May 31, 2011, the current portion of the  $250,000 loan from KeHE, net of unamortized debt discount is $0 and $47,744, respectively.

In November 2011, we obtained a short term loan of $150,000 from a lender for purposes of obtaining advance product for seasonal sales.  The loan was repaid in three installments before December 31, 2011 as well as interest in the amount of $756.16 representing eight percent (8%) interest over the course of the loan.

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