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Notes Payable
6 Months Ended
Jun. 30, 2016
Notes Payable [Abstract]  
Notes Payable
3.Notes Payable

 

The Company periodically borrows from officers, directors, 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 and six month ended June 30, 2016 amounted to $2,750 and $5,500, respectively. During the three and six months ended June 30, 2015 interest expense related to a loan from a second commercial lender amounted to $8,036 and $18,342, respectively.

 

Interest expense related to loans from officers, directors and other related individuals amounted to $313 and $248 for the six month periods ended June 30, 2016 and 2015, respectively. Interest expense amounted to $0 and $122 for the three months ended June 30, 2016 and 2015, respectively.

 

Total interest expense on notes payable amounted to $5,813 and $18,590 for the six months ended June 30, 2016 and 2015, respectively. Total interest expense amounted to $2,750 and $8,158 for the three months ended June 30, 2016 and 2015, respectively.