LOAN PAYABLE - RELATED PARTY

12 Months Ended

Dec. 31, 2013

NOTE 4—LOAN PAYABLE – RELATED PARTY

As of December 31, 2013 and 2012, the Company had an outstanding loan payable of $18,531 and $4,284, respectively, to Mr. Lirong Wang, sole shareholder of the Company. This loan did not have interest burden and due on demand.

- 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

Mullan Agritech, Inc. 10-K