XML 21 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party and Other Short Term Credit Line Notes Payable
 9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
Related Party and other Short Term Credit Line Notes Payable

NOTE 5 — Related Party and Other Short Term Credit Line Notes Payable

 

On May 15, 2014, the Company’s Board of Directors approved the issue of subordinated line of credit notes totaling $650,000 to replace subordinated line of credit notes in the same amount maturing on June 1, 2014. The replacement subordinated notes were two-year notes maturing on June 1, 2016, were repayable by the Company at any time and had an interest rate of 18% per annum payable monthly in cash. Notes payable of $500,000 were outstanding at December 31, 2015. On January 29, 2016, the Company completed repayment of all outstanding credit line notes to the note holders. Interest expense for 2016 related to the line of credit was $7,645. Interest expense for the three and nine month periods ended September 30, 2015 related to the line of credit were $24,214 and $77,770, respectively.