Annual report pursuant to Section 13 and 15(d)

Notes Payable

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Notes Payable
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Notes Payable

6. NOTES PAYABLE

 

In November 2015, the Company entered into a loan agreement with a financing company for $207,750 to finance one of the Company’s insurance policies. The terms of the loan stipulated equal monthly payments of principal and interest payments of $23,397 over a nine month period. Interest on this loan was accrued at an annual rate of 3.25%. This loan was fully repaid in July 2016.

 

In October 2016, the Company entered into a loan agreement with a financing company for $348,750 to finance one of the Company’s insurance policies. 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%.

 

Interest expense for notes payable for the years ended December 31, 2016 and 2015 totaled $3,115 and $2,440, respectively.

 

Notes payable consisted of the following:

 

    December 31,  
    2016     2015  
Notes payable   $ 271,757     $ 162,019  
Less: current portion     (271,757 )     (162,019 )
    $     $