Notes Payable |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
| 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%.
For three months ended June 30, 2016 and 2015, interest expense related to these loan agreements totaled $567 and $393, respectively. For six months ended June 30, 2016 and 2015, interest expense related to these loan agreements totaled $1,697 and $1,372, respectively.
Notes payable consisted of the following:
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