Quarterly report pursuant to Section 13 or 15(d)

Note Payable

v2.4.1.9
Note Payable
3 Months Ended
Mar. 31, 2015
Note Payable [Abstract]  
Note Payable

Note 5 - Note Payable

 

On December 28, 2013, the Company entered into a premium finance agreement to pay a $157,825 premium for its director and officer liability insurance policy. Pursuant to the agreement, the Company paid a down payment of $15,995 in January 2014 and was required to pay $15,995 in nine monthly installments.

 

On October 25, 2014, the Company entered into a premium finance agreement for its multiple commercial insurance policies in the amount of $43,075. Pursuant to the agreement, the Company is required to pay $4,882 in monthly installments for nine months.

 

On December 28, 2014, the Company entered into a premium finance agreement for its director and officer liability insurance policy in the amount of $244,493. Pursuant to the agreement, the Company is required to pay $27,614 in monthly installments for nine months.

 

As of March 31, 2015 and December 31, 2014, the outstanding balance related to the premium finance agreements was $189,758 and $283,552, respectively. For the three months ended March 31, 2015 and 2015, the Company paid approximately $93,794 and $63,344, respectively.