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Notes Payable | 12 Months Ended
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Dec. 31, 2016
Notes Payable [Abstract] |
Notes Payable |
6. | Notes Payable
Notes payable consists of the following at December 31:
|  | 2016 |  |  | 2015 |
Notes payable bearing interest at 7.99%. The note is payable in monthly principal plus interest payments of $472 through December, 2020. The note is secured by a vehicle. |  | $ | 16,642 |  |  | $ | 21,940 |
Notes payable bearing interest at 8%. The notes have a 2-year maturity and are due at various dates between September 19, 2018 – October 19, 2018, and pay interest only on a monthly basis |  |  | 547,500 |  |  |  |  |
Total notes payable |  |  | 564,142 |  |  |  | 21,940 |
Less current portion |  |  | (4,537 | ) |  |  | (4,098 | )
Less debt discount for detachable warrant |  |  | (131,849 | ) |  |  |  |
Total notes payable, less current portion and debt discount |  | $ | 427,756 |  |  | $ | 17,842 |
Maturities on notes payable as of December 31, 2016, are as follows:
Year ending December 31:
2017 |  | $ | 4,537 |
2018 |  |  | 554,915 |
2019 |  |  | 4,690 |
Thereafter |  |  | - |
|  | $ | 564,142 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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- References No definition available. + Details
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