Annual report pursuant to Section 13 and 15(d)

NOTE PAYABLE

v3.7.0.1
NOTE PAYABLE
12 Months Ended
Dec. 31, 2016
Notes Payable [Abstract]  
NOTE PAYABLE


NOTE 9 – NOTE PAYABLE


On November 30, 2016, the Company entered into a promissory note agreement with an unaffiliated party in the principal amount of $500,000.  The note is unsecured, carries an interest rate of 25% per annum payable in arrears at maturity.  The note matures November 30, 2017 and may be prepaid at any time without notice or prepayment penalty.  In the event of default of any loan provision, the lender can declare all or any portion of the unpaid principal and interest immediately due and payable.


Maturities of Long-Term Obligations for Five Years and Beyond


The minimum annual principal payments of long-term debt to related parties and notes payable at December 31, 2016 were:


2017

 

$

500,000

 

2018

 

 

 

2019

 

 

 

2020 and thereafter

 

 

575,000

 

Total minimum principal payments

 

$

1,075,000