Douglas V. and Magdalene Merante - Page 7

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            petitioner in the amount of $2,869, which was given to Sheldon                            
            "in the form of N.S.A. water filters, literature and sales aids".                         
            Sheldon promised to pay said amount no later than October 15,                             
            1990.  Petitioner stated that he had purchased the water filter                           
            units for resale; however he transferred these units, plus                                
            affiliated paraphernalia, to Sheldon.  The record does not                                
            reflect petitioner's cost of the transferred assets.                                      
                  On October 19, 1990, a document entitled "PROMISSORY DEMAND                         
            NOTE" was signed by Sheldon as president of Time To Share.  In                            
            this document, Time To Share acknowledged an indebtedness to                              
            petitioner in the amount of $32,722, which consisted of:  (1) The                         
            June 18, 1990, note of $27,000; (2) the October 9, 1990, note of                          
            $2,869; (3) the order for NSA materials of $1,785; and (4) the                            
            cash loaned July 25, 1990, in the amount of $1,068.  The                                  
            promissory demand note further provided:                                                  
                  This note is due and payable on November 1, 1990, and no                            
                  notice whatsoever, either oral or written shall be required                         
                  on the part of Douglas V. Merante and Magdalene Merante.                            
                  Interest shall be calculated from the date of each                                  
                  respective loan as listed herein at a rate of 10 percent per                        
                  annum.4  Demand shall be deemed made for the full amount on                         
                  November 1, 1990.                                                                   
                  TIME TO SHARE HEREBY WAIVES any and all recourse regarding                          
                  the indebtedness listed herein and ACKNOWLEDGES THAT ALL                            
                  MONIES LISTED HEREIN ARE OWED TO DOUGLAS V. MERANTE AND                             
                  MAGDALENE MERANTE AS JUST BUSINESS DEBTS.                                           

            4           This is the first point in time that any mention of                           
            interest appears.                                                                         

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