Annual report pursuant to Section 13 and 15(d)

Note Payable

v3.3.1.900
Note Payable
12 Months Ended
Dec. 31, 2015
Note Payable [Abstract]  
Note Payable

Note 5 – Note Payable

  

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 was 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 $0.2 million. Pursuant to the agreement, the Company was required to pay $27,614 in monthly installments for nine months. As of December 31, 2015, the Company paid the agreements in full.

 

On December 28, 2015, the Company entered into a premium finance agreement for its director and officer liability insurance policy in the amount of $0.3 million. Pursuant to the agreement, the Company was required to pay $30,077 in monthly installments for nine months.

 

As of December 31, 2015 and 2014, the outstanding balance related to the premium finance agreements was $0.3 million.