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Notes Payable to Related Parties
6 Months Ended
Jun. 30, 2017
Notes Payable to Related Parties  
Notes Payable to Related Parties

Note 8 - Notes Payable to Related Parties

 

Notes payable to related parties at June 30, 2017 consist of notes payable to stockholders of $300,000 (issued in 2012). The notes had been due in one principal payment on December 31, 2016, but which are now due on September 30, 2017, after extensions granted by the Note holders in the fourth quarter of 2016 and the first quarter of 2017. Interest is payable semiannually at 10%. The notes are collateralized by all receivables now or hereafter existing pursuant to the license agreement with VDF FutureCeuticals, Inc. discussed in Notes 3 and 9. In April and July 2017, the Company made payments totaling $100,000 each month toward the principal balance of the Notes.

 

The notes payable to related parties at December 31, 2016 also includes a promissory note to a stockholder for $25,000. The principal balance and interest at 10% was due March 30, 2016. This note was paid in full, with accrued interest, in January 2017.