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Notes Payable
 3 Months Ended
Mar. 31, 2015
Notes Payable [Abstract]  
Notes Payable
4.Notes Payable

 

At March 31, 2015, notes payable are due to officers and directors and a commercial lender. A summary of activity is as follows:

 

   Officers and directors  Commercial lender  Total 
 Balance at December 31, 2014 $27,200  $-  $27,000 
 Borrowing  -   100,000   100,000 
 Repayments  (17,000)  (18,257)  (35,257)
 Balance at March 31, 2015 $10,200  $81,743  $91,743 

 

Notes payable due to officers and directors are payable on demand with interest at 5%. Interest expense for the three month period ended March 31, 2015 and 2014 amounted to $162 and $478, respectively.

 

The loan payable to the commercial lender requires payment of principal and interest in 252 daily payments of $492 each commencing January 12, 2015. Interest expense for the three month period ended March 31, 2015 amounted to $10,306.

 

Total interest expense on notes payable amounted to $10,468 and $478 for the three month periods ended March 31, 2015 and 2014, respectively.