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Notes Payable - Related Parties
 3 Months Ended
Mar. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
8. Notes Payable - Related Parties
  
On March 2, 2009, the Company issued an unsecured promissory note payable to Jackie Chretien, in the amount of $80,000 due January 1, 2016, as amended, and bearing interest at 5% per annum, with the principal and interest to be paid at maturity. On January 1, 2016 the Company paid in full the note payable of $15,000 and accrued interest of $4,403.
 
On December 29, 2001, the Company issued an unsecured promissory note payable to A. Michael Chretien, a Founder of the Company, in the amount of $55,167, with any unpaid principal and interest due on January 1, 2016, as amended. On January 1, 2016 the Company paid in full the principal balance of $40,415 plus accrued interest of $7,053.
 
On March 29, 2012, the Company issued an unsecured note payable to Ramon Shealy a then -director of the Company, who subsequently resigned from the Board of Directors on December 17, 2012, for personal reasons, in the amount of $ 238,000 , bearing interest at a rate of 10 % for the term of the note. All principal and interest was due and payable on September 27, 2012, but was later extended to November 24, 2012. On April 16, 2012, the Company issued a note payable to Mr. Shealy, in the amount of $ 12,000, bearing interest at a rate of 10 % per quarter. All principal and interest was due on July 15, 2012, but was later extended to November 24, 2012. On November 24, 2012 the two notes were combined into a $250,000 promissory note, under the same terms, with a maturity date of January 1, 2014. On December 24, 2013 the $250,000 promissory note, was extended under the same terms, with a maturity date of January 1, 2015.   On March 13, 2013, the Company paid $ 100,000 of the principal amount of the $250,000 promissory note to Mr. Shealy. On December 31, 2014, the Company and Ramon Shealy agreed to cancel the previous notes and extensions set forth above, and issue a new single promissory note with accrued interest of $43,453, to a total principal and interest in the amount of $193,453, payable in sixty monthly installments beginning January 31, 2015, with a maturity date of January 1, 2020. Interest will accrue at 10% on the outstanding balance until paid in full. All other provisions of the original Promissory Note shall prevail unless specifically set forth herein or otherwise agreed in writing by the parties. As of March 31, 2016, the note payble had a principal balance of $ 153,714 and $ 0 accrued interest.
 
Notes payable due to related parties consist of the following:
 
 
 
March 31,
 
December 31,
 
 
 
2016
 
2015
 
The $80,000 Jackie Chretien Note
 
$
-
 
$
15,000
 
The $55,167 A. Michael Chretien Note
 
 
-
 
 
40,415
 
The $250,000 Shealy Note
 
 
153,714
 
 
164,799
 
Total notes payable - related party
 
 
153,714
 
 
220,214
 
Less current portion
 
 
(35,552)
 
 
(92,805
 
Long-term portion of notes payable-related party
 
$
118,162
 
$
216,722
 
 
Future minimum principal payments of these notes payable as described in this Note 8 are as follows:
 
For the Twelve Months Ended
 
 
 
 
March 31,
 
Amount
 
2017
 
$
35,552
 
2018
 
 
39,275
 
2019
 
 
43,388
 
2020
 
 
35,499
 
Total
 
$
153,714
 
 
As of March 31, 2016 and December 31, 2015, accrued interest for these notes payable-related parties amounted to $ 0 and $ 12,852, respectively.
 
For the three months ended March 31, 2016 and 2015, interest expense in connection with notes payable – related parties was $ 3,960 and $ 14,868, respectively.