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Note 3 - Related Party and Other Short Term Notes Payable
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Related Party and Other Short Term Notes Payable

NOTE 3 — Related Party and Other Short-Term 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 matured 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. On January 29, 2016, the Company completed repayment of all outstanding credit line notes to the note holders. Interest expenses for 2016 and 2015 related to the line of credit were $7,645 and $100,455, respectively.