Quarterly report pursuant to Section 13 or 15(d)

Note Payable

v2.4.0.8
Note Payable
3 Months Ended
Mar. 31, 2014
Note Payable [Abstract]  
Note Payable
Note 4 – 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 is required to pay $15,995 in monthly installment for nine months. For the quarter ended March 31, 2014, the Company paid $63,344 under this finance agreement. As of March 31, 2014 and December 31, 2013, the outstanding balance related to the premium finance agreement was $94,481 and $157,825, respectively.