Note Payable |
6 Months Ended |
---|---|
Jun. 30, 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 June 30, 2015 and December 31, 2014, the outstanding balance related to the premium finance agreements was $92,267 and $283,552, respectively. For the six months ended June 30, 2015 and 2014, the Company paid $191,285 and $102,855, respectively. |