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Notes Payable to Related Parties
9 Months Ended
Sep. 30, 2015
Notes Payable to Related Parties  
Notes Payable to Related Parties

Note 8 - Notes Payable to Related Parties

 

Notes payable to related parties at September 30, 2015 consist of notes payable to stockholders of $400,000 (issued in 2012), less unamortized discount of $16,131 related to common stock warrants that had been issued to the stockholders with the notes. The discount is being amortized over the extended term of the notes, which are due in one principal payment on December 31, 2016. Interest is payable semiannually at 10%. The note is collaterized by all receivables now or hereafter existing pursuant to the license agreement with VDF FutureCeuticals, Inc. discussed in Notes 3 and 9.

 

The note payable to related party at September 30, 2015 consists of a promissory note to a stockholder for $25,000. The principal balance and interest at 10% is due March 30, 2016.

 

Payable to related party at September 30, 2015 consists primarily of a $20,000 unsecured note payable to Company shareholder Edward Gomez bearing interest at 10%. On June 11, 2015, the lender extended the maturity date on the balance of the note to July 31, 2016.