Quarterly report pursuant to Section 13 or 15(d)

Notes and advances payable (Tables)

v2.4.0.8
Notes and advances payable (Tables)
9 Months Ended
Sep. 30, 2014
Notes and Advances Payable

Notes payable consist of the following as of December 31, 2013 and September 30, 2014:

 

     2013      2014  

Officers, directors and affiliates:

     

Notes and advances payable, interest at 8.0%, due on demand

   $ 14,984       $ —     

Notes and advances payable, interest at 9.7%, due on demand

     85,000         —     

Note payable, interest at 7.0%, due March 2015

     150,000         150,000   

Notes payable, interest 7.0%, due January 2017

     —           128,019   

Notes payable, interest varies (see explanation below)

     —           792,151   

Collateralized note payable (see below)

     714,488         120,728   
  

 

 

    

 

 

 

Total officers, directors and affiliates

     964,472         1,190,898   

Less: Current portion of officers, directors, and affiliates

     717,833         296,033   
  

 

 

    

 

 

 

Long-term portion of officers, directors, and affiliates

   $ 246,639       $ 894,865   
  

 

 

    

 

 

 

Unrelated parties:

     

Notes payable, interest at 7.5%, due March 2015

     200,000         125,000   

Note payable, interest variable (see below)

     —           549,105   

Note payable, interest at 7.0%, due August 2016

     —           62,000   

Notes payable, interest at 7.0%, due January 2015

     44,000         —     

Notes payable, interest at 7.0%, due January 2015

     506,000         228,000   
  

 

 

    

 

 

 

Total unrelated parties

     750,000         964,105   

Less: Current portion of unrelated parties

     325,000         933,105   
  

 

 

    

 

 

 

Long-term portion of unrelated parties

   $ 425,000       $ 31,000   
  

 

 

    

 

 

 

Related Party Notes Payable

Information concerning these promissory notes is set forth in the table below.

 

Name of Holder

   Position    Principal
Amount
     Interest
Rate
    Monthly P&I
Payment
Amount
     Number
of
Monthly
Payments
 

Donald W. Prosser

   CFO & Director    $ 28,500         7.00   $ 564.33         60   

Charles B. Davis

   COO & Director    $ 66,500         7.00   $ 1,316.78         60   

William Stewart

   Director    $ 49,500         7.00   $ 980.16         36   
Information concerning principal pay down and new maturity date

Information concerning the principal pay down and new maturity date is set forth in the following table.

 

Name of Holder

   Principal Balance
Before Pay down
     Principal
Pay down
     Remaining
Principal Balance
 

Burlingame Equity Investors II, LP

   $ 44,000       $ 36,000       $ 8,000   

Burlingame Equity Investors Master Fund, LP

   $ 506,000       $ 286,000       $ 220,000