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Notes Payable
3 Months Ended
Mar. 31, 2016
Notes Payable [Abstract]  
Notes Payable
4.Notes Payable

 

The Company periodically borrows from officers, directors and other related individuals and from commercial lenders. In November 2015 the Company borrowed $100,000 from a commercial lender. The loan incurs interest at 11% and is payable on November 1, 2016. Interest expense related to this loan for the three month period ended March 31, 2016 amounted to $2,750. During the three months ended March 31, 2015 interest expense related to a loan from a second commercial lender amounted to $10,306.

 

Interest expense related to loans from officers, directors and other related individuals amounted to $312 and $162 for the three month periods ended March 31, 2016 and 2015, respectively.

 

Total interest expense on notes payable amounted to $3,063 and $10,468 for the three month periods ended March 31, 2016 and 2015, respectively.