Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.5.0.2
Notes Payable
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Notes Payable

6. NOTES PAYABLE

 

In October 2014, the Company entered into a loan agreement with a financing company for $192,000. The terms of the loan stipulated equal monthly payments of principal and interest payments of $24,293 over an eight-month period. Interest accrued on this loan at annual rate of 3.25%. This loan was fully repaid as of September 30, 2015.

 

In November 2015, the Company entered into a loan agreement with a financing company for $207,750. The terms of the loan stipulate equal monthly payments of principal and interest payments of $23,397 over a nine-month period. Interest accrues on this loan at an annual rate of 3.25%. This loan was fully repaid as of September 30, 2016. 

 

For three months ended September 30, 2016 and 2015, interest expense related to these loan agreements totaled $63 and $0, respectively. For the nine months ended September 30, 2016 and 2015, interest expense related to these loan agreements totaled $1,760 and $1,372, respectively.

 

Notes payable consisted of the following:

 

    September 30, 2016     December 31, 2015  
             
Notes payable   $     $ 162,019  
Less: current portion           (162,019 )
Long term portion   $     $  

 

In October 2016, the Company entered into a loan agreement with a financing company for $348,750. The terms of the loan stipulate equal monthly payments of principal and interest payments of $39,114 over a nine-month period. Interest accrues on this loan at an annual rate of 2.25%.