XML 23 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
6. Note Payable to Bank
 3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
6. Note Payable to Bank

Note 6 Note Payable to Bank

 

At March 31, 2016 and December 31, 2015 the Company had a note payable to a bank in the amount of $274,672 and $301,744, respectively. The note, dated May 2007, is due in monthly payments of $10,000 and carries interest at 4.75%. The note is secured by the assets of the Company and personal guarantees by a shareholder and an officer of the Company, and is due August 2018.

 

Principal payments due under the terms of this note are as follows:

 

Principal Due in Next 12 months
  2016     $ 109,252  
  2017       114,555  
  2018       39,410  
  2019       11,455  
        $ 274,672