Debt

3 Months Ended

Mar. 31, 2012

Note 7 – Loan Payable

As of March 31, 2012 and December 31, 2011 , the Company has loan payable as follows:

	March 31,	December 31,
	2012	2011

Auto loan payable to a bank, due in monthly installments of $1,346 including interest at 4.39% as of March 31, 2012 and December 31, 2011. The final payment for the loan is scheduled on June 27, 2016.	$ 65,832	$ 66,933

Less: Current portion	(15,842)	(13,479)

Notes payable, net of current	$ 49,991	$ 53,454

- 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

LEXON TECHNOLOGIES INC 10-Q