Debt

3 Months Ended

Feb. 29, 2012

NOTE 6. LOANS PAYABLE

Loans Payable consist of the following:

	February 29,	May 31,
	2012	2011

Convertible debt with investor
10% interest rate until Dec 2010, conversion at
value determined at date of conversion,
due on demand	$ -	$ 86,000

Convertible debt with investor
10% interest rate until Dec 2010, conversion at
value determined at date of conversion,
due on demand	-	38,240

Note payable with a marketing company, no
interest rate, payable upon demand	-	20,000


	$ -	$ 144,240

- 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

Elevate, Inc. 10-Q/A