Note Payable |
9 Months Ended |
|---|---|
Sep. 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 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 $244,493. Pursuant to the agreement, the Company was required to pay $27,614 in monthly installments for nine months. As of September 30, 2015, the Company paid the agreements in full.
As of September 30, 2015 and December 31, 2014, the outstanding balance related to the premium finance agreements was $0 and $283,552, respectively. For the nine months ended September 30, 2015 and 2014, the Company paid $283,552 and $157,825, respectively. |