Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.8.0.1
Notes Payable
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
Note 5 - Notes Payable
 
NSC Note
 
At September 30, 2017, the Company has approximately $0 outstanding, under its NSC Note. The NSC Note had interest at 8.0% per annum payable quarterly during the first twenty-four months (or the first thirty months, if the maturity date is extended) and monthly thereafter until maturity. In January 2017, the Company extended the maturity date of the NSC Note to September 2018. On July 5, 2017, the Company repaid the outstanding NSC Note of approximately $3.0 million and accrued interest of approximately $2,000.
 
The following table summarizes NSC Note activities for the nine months ended September 30, 2017:
 
 
 
Note Payable
 
Discount
 
Note Payable, Net
 
December 31, 2016 balance
 
$
3,000
 
$
(174)
 
$
2,826
 
Repayments
 
 
(3,000)
 
 
-
 
 
(3,000)
 
Amortization of debt discount
 
 
-
 
 
174
 
 
174
 
September 30, 2017 balance
 
 
-
 
 
-
 
 
-