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Note Payable
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12 Months Ended |
|---|---|
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Dec. 31, 2014
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| Note Payable [Abstract] | |
| Note Payable |
Note 5 – Note Payable
On December 28, 2013, the Company entered into a premium finance agreement for its director and officer liability insurance policy in the amount of $157,825. Pursuant to the agreement, the Company paid $15,995 in monthly installments for nine months. During the year ended December 31, 2014, the Company paid $157,825 on this note.
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. During the year ended December 31, 2014, the Company paid principal and interest of $4,882 on this note.
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 December 31, 2014 and 2013, the outstanding balance related to the premium finance agreements was $283,552 and $157,825, respectively. |