Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.7.0.1
Notes Payable
 6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
Note 5 - Notes Payable
 
NSC Note
 
At June 30, 2017, the Company has approximately $3.0 million outstanding, under its NSC Note. The NSC Note bears 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.
 
The following table summarizes NSC Note activities for the six months ended June 30, 2017:
 
 
 
Note Payable
 
Discount
 
Note Payable, Net
 
December 31, 2016 balance
 
$
3,000
 
$
(174)
 
$
2,826
 
Amortization of debt discount
 
 
-
 
 
68
 
 
68
 
June 30, 2017 balance
 
 
3,000
 
 
(106)
 
 
2,894
 
Less: NSC notes payable, short term
 
 
(2,500)
 
 
-
 
 
(2,500)
 
NSC notes payable, long term
 
$
500
 
$
(106)
 
$
394