Notes Payable	12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]
Notes Payable	NOTE 3 – Notes Payable Bank Loan The Company originally had a $200,000 line of credit with the bank. In August 2010, the Company converted its line of credit with the bank to a bank loan, which is collateralized by all of assets of the Company’s subsidiary company, StafTek, including all receivables and property and equipment. The bank loan agreement included the following provisions: 1) an agreement to provide insurance coverage for the collateralized assets in the amount of $180,000; and 2) covenants to provide certain financial documents to the bank on a monthly and annual basis. On September 9, 2013, the Company received a default letter from the bank. Since that time, the bank has requested the Company bring the loan current by making monthly payments of $2,698 plus late fees of $50 per month for the twelve months which the Company is delinquent, for the total amount as of December 31, 2014 of $41,220, which includes principal, interest and fees. The loan is in default at December 31, 2014 and the principal loan balance continues to bear 6.5% interest. In the event the Company is unable to bring the bank loan current, the bank may foreclose which would likely force the Company out of business. As of December 31, 2014 and 2013, the Company owed the bank $115,402 and $118,202, respectively. Interest expense on the Company’s bank borrowing was $6,702 and $6,113, during the years ended December 31, 2014 and 2013, respectively. Other Notes Payable* On July 31, 2013, an individual loaned the Company $25,000 for working capital in exchange for a promissory note. The note matures on July 31, 2014 and bears interest at seven percent. The note was converted into 50,000 shares of common stock ($0.50 per share) on January 31, 2014. On October 1, 2013, two individuals loaned the Company $30,000 for working capital in exchange for promissory notes. The notes mature on October 1, 2014 and bear interest at seven percent. The note was converted into 60,000 shares of common stock ($0.50 per share) on January 31, 2014. On November 15, 2013, an individual loaned the Company $50,000 for working capital in exchange for a promissory note. The note matures on November 15, 2014 and bears interest at seven percent. The note was converted into 100,000 shares of common stock ($0.50 per share) on January 31, 2014. On November 18, 2013, an individual loaned the Company $25,000 for working capital in exchange for a promissory note. The note matures on November 18, 2014 and bears interest at seven percent. The note was converted into 50,000 shares of common stock ($0.50 per share) on January 31, 2014. On December 13, 2013, an individual loaned the Company $10,000 for working capital in exchange for a promissory note. The note matures on December 13, 2014 and bears interest at seven percent. The note was converted into 20,000 shares of common stock ($0.50 per share) on January 31, 2014. In connection with the above loan conversions, the Company also converted a total of $2,770 of accrued interest into 5,539 shares of common stock on January 31, 2014. The Company recognized a $14,277 loss in connection with the above loan conversions based on the difference between the conversion rate of $0.50 and the market value of the Company’s stock on January 31, 2014 of $0.55.

Notes Payable

12 Months Ended

Dec. 31, 2014

NOTE 3 – Notes Payable

Bank Loan

The Company originally had a $200,000 line of credit with the bank. In August 2010, the Company converted its line of credit with the bank to a bank loan, which is collateralized by all of assets of the Company’s subsidiary company, Staf*Tek, including all receivables and property and equipment. The bank loan agreement included the following provisions: 1) an agreement to provide insurance coverage for the collateralized assets in the amount of $180,000; and 2) covenants to provide certain financial documents to the bank on a monthly and annual basis. On September 9, 2013, the Company received a default letter from the bank. Since that time, the bank has requested the Company bring the loan current by making monthly payments of $2,698 plus late fees of $50 per month for the twelve months which the Company is delinquent, for the total amount as of December 31, 2014 of $41,220, which includes principal, interest and fees. The loan is in default at December 31, 2014 and the principal loan balance continues to bear 6.5% interest. In the event the Company is unable to bring the bank loan current, the bank may foreclose which would likely force the Company out of business.

As of December 31, 2014 and 2013, the Company owed the bank $115,402 and $118,202, respectively.

Interest expense on the Company’s bank borrowing was $6,702 and $6,113, during the years ended December 31, 2014 and 2013, respectively.

Other Notes Payable

On July 31, 2013, an individual loaned the Company $25,000 for working capital in exchange for a promissory note. The note matures on July 31, 2014 and bears interest at seven percent. The note was converted into 50,000 shares of common stock ($0.50 per share) on January 31, 2014.

On October 1, 2013, two individuals loaned the Company $30,000 for working capital in exchange for promissory notes. The notes mature on October 1, 2014 and bear interest at seven percent. The note was converted into 60,000 shares of common stock ($0.50 per share) on January 31, 2014.

On November 15, 2013, an individual loaned the Company $50,000 for working capital in exchange for a promissory note. The note matures on November 15, 2014 and bears interest at seven percent. The note was converted into 100,000 shares of common stock ($0.50 per share) on January 31, 2014.

On November 18, 2013, an individual loaned the Company $25,000 for working capital in exchange for a promissory note. The note matures on November 18, 2014 and bears interest at seven percent. The note was converted into 50,000 shares of common stock ($0.50 per share) on January 31, 2014.

On December 13, 2013, an individual loaned the Company $10,000 for working capital in exchange for a promissory note. The note matures on December 13, 2014 and bears interest at seven percent. The note was converted into 20,000 shares of common stock ($0.50 per share) on January 31, 2014.

In connection with the above loan conversions, the Company also converted a total of $2,770 of accrued interest into 5,539 shares of common stock on January 31, 2014.

The Company recognized a $14,277 loss in connection with the above loan conversions based on the difference between the conversion rate of $0.50 and the market value of the Company’s stock on January 31, 2014 of $0.55.

- 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

ST JOSEPH INC 10-K