|9 Months Ended|
Sep. 30, 2015
|Debt Disclosure [Abstract]|
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.
The Company had a note payable outstanding to a vendor as of September 30, 2014 which had no stated interest rate; however the Company had imputed interest cost at a rate of 7% for this note payable but the Company reached an agreement with the vendor to pay off this note payable with no interest.
Interest expense for three months and nine months ended September 30, 2015 totaled $0 and $1,372, respectively. Interest expense for three months and nine months ended September 30, 2014 totaled $650 and $23,045, respectively.
Notes payable consisted of the following:
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef